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Near-bankrupt council to sell property portfolio at auction

Birmingham council, which last autumn declared itself effectively bankrupt, has instructed retained auctioneers Bond Wolfe to put 29 disused properties, investments, land and ground rents under the hammer.

The sale is at Bond Wolfe’s its next livestreamed auction on Thursday February 8 at 8.30am.

Gurpreet Bassi, chief executive of Bond Wolfe, says: “There are a range of opportunities here for entrepreneurs and seasoned investors to bring these properties back to life and into day-to-day use again.


“Similarly, the investment and ground rent lots can provide a steady income for investors looking for a bit of stability in what is still an uncertain economic outlook. We are anticipating high demand, both for the lots offered by Birmingham City Council, and also a wide range of residential, commercial, retail, mixed use and land and investment opportunities.”

The council lots for sale include the former Sandcastle Day Nursery, offered freehold with a guide price of £650,000. The property is a post 1970s, single storey purpose-built school building on a site of circa 0.64 acres. It may be suitable for redevelopment, subject to planning permission.

A similar potential redevelopment project, subject to consent, is the former Four Dwellings Children’s Centre which has fire damage and is in need of renovation. It’s freehold, has 17 parking spaces and a guide price of £300,000.

A detached freehold house in Moseley currently operates as a day nursery, and is subject to a 25 years lease from 2017 on a passing rental of £18,000 per annum. The substantial property sits on a site of approximately 23,885 square feet - guide price £180,000.

Birmingham council has also instructed Bond Wolfe to sell 25 ground rents on a range of commercial, industrial and retail properties across the city.


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