Property auction raises £1.1m for Birmingham City Council
Bond Wolfe’s final auction of 2024 saw Birmingham City Council secure more than £1.1m in sales.
The stricken council is selling off assets from its £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.
In the auction, a development site off Coleshill Road in Hodge Hill, Birmingham, was sold for £1.06m, well above its £400,000 guide price.
Another Birmingham City Council property, land with an advertising hoarding on Stratford Road, Sparkhill, sold for £195,000 from a guide of £75,000+.
The auction saw 84% of the 161 lots sold, raising over £21.6m.
Other key sales included a block of 30 self-contained flats in Wolverhampton sold for £2.1m, well above its guide of £1.85m.
Gurpreet Bassi, chief executive of Bond Wolfe, said: “This was a great result to round off another outstanding year for Bond Wolfe’s auctions. We are very pleased to achieve solid results for our auction clients once again and demand for solid assets, such as bricks and mortar and land, remains strong.
“These results see us well set to continue our growth and reach in 2025 and we look forward to growing our client base as more sellers and institutions and local authorities increasingly appreciate the opportunity Bond Wolfe’s regular auctions provide to achieve significant results in a relatively short timescale.”
