More council properties brought to auction to plug £300m hole

Bond Wolfe, retained auctioneer for Birmingham City Council, will offer 12 additional lots for the local authority in its next live-streamed auction on Thursday, July 11.

The auction will feature a variety of freehold properties, commercial investments, and ground rents.

Among the properties is a two-story detached former children’s home at 55 Stevens Avenue, Birmingham. The property offers redevelopment opportunities subject to planning permission. Currently used as a family office with classroom space and parking, it is available freehold with a guide price of £325,000+. It is located in Woodgate, near Harborne.

The council secured £1.255bn in Exceptional Financial Support (EFS) from the Government, which must be paid back through £750m of asset sales.

Assets will be sold from the local authorities’ £2.4bn investment property portfolio through a programme led by commissioners that will regear the portfolio.

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.

Gurpreet Bassi, chief executive of Bond Wolfe, said: “The lots we are offering for Birmingham City Council will appeal to a wide variety of investors, ranging from those looking for solid returns to developers seeking sites with potential.”

These properties offered on behalf of Birmingham City Council are among many lots that are appearing in Bond Wolfe’s next auction, which will start at 9 am on Thursday, July 11.

Click here to sign up to receive our new South West business news...