Council kicks off asset sale with auctioneers
Birmingham City Council is starting its asset sale by instructing auctioneers Bond Wolfe to put 29 disused council-owned properties, investments, land and ground rents under the hammer.
Max Caller, lead commissioner of Birmingham City Council said the council will have to identify and sell £500m worth of assets from its £2.4bn investment property portfolio over the next twelve months.
A programme to regear the portfolio has been agreed by commissioners to propose the sales of property and assets.
The council holds the largest land estate of any UK local authority, extending to 26,000 acres and attracts on average £34m of revenue per year from more than 6,500 property assets and over 300 of these have historic interest.
The Birmingham City Council lots for sale at the livestreamed Bond Wolfe auction on February 8 include the former Sandcastle Day Nursery, on Chester Road, Erdington, which is 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 0.64 acres. It may be suitable for redevelopment, subject to planning permission.
Four Dwellings
A similar redevelopment project, subject to planning permission, is the former Four Dwellings Children’s Centre in Quinton, which has fire damage and is in need of renovation. The freehold purpose-built children’s centre currently has 17 parking spaces and has a guide price of £300,000+.
A detached commercial investment opportunity at 455 Yardley Wood Road, 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, with five yearly reviews.
Yardley Wood Road
The substantial property sits on a site of approximately 23,885 sq ft and has a guide price of £180,000+.
Another potential development opportunity is the gated former depot site at Latelow Road, Garretts Green, which sits on 0.92 acres, and may be suitable for a variety of uses, subject to planning permission. It has a guide price of £175,000+.
Gurpreet Bassi, chief executive of Bond Wolfe, said: “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.
Latelow Road
“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.”
Birmingham City Council has also instructed Bond Wolfe to sell 25 ground rents on a range of commercial, industrial and retail properties across the city, including ten in New John Street West.
The council has been contacted for comment, with no immediate response.
