Birmingham City Council puts more properties under the hammer

A further seven Birmingham City Council ground rents will be sold off at auction next month as the bankrupt council seeks to raise crucial funds. Its retained auctioneer, Bond Wolfe, raised nearly £4m from 25 lots sold for the local authority in its last auction in February. The next batch will go under the hammer in Bond Wolfe’s live-streamed sale on 27 March and includes ground rents in the Jewellery Quarter, on the edge of the city centre, and in the inner-city area of Duddeston. The council has been increasing the volume of lots it puts up for auction after effectively declaring bankruptcy last autumn. Yesterday, the council’s cabinet met to discuss plans for drastic cuts to services, arts funding, council tax hikes and asset sales as it looks to restore financial stability.   The lots on offer are: Freehold on a property hosting a waste and recycling company at 64 Cato Street in Duddeston, which will have a guide price of £430,000-plus. Astar Waste pays ground rent of £17,500 a year, with rent reviews every seven years on a 99-year lease with around 56 years remaining. Freehold interest on a property occupied by a café at 212 Thimble Mill Lane, which has a guide price of £170,000-plus. The Black Country Kitchen pays ground rent of £8,950 a year for these premises, with a rent review every five years on a 99-year lease with around 59 years remaining. Freehold interest in the Jewellery Quarter secured on industrial land and premises at 91 Buckingham Street, with a guide price of £215,000-plus. A business is paying ground rent of £8,000 a year, with rent reviews every seven years on a 125-year lease with around 87 years remaining. Freehold interest with a guide price of £190,000-plus is also available on a nearby property at Richmond House, at 32 Park Road in Hockley, which hosts the New Parklands, a well-known banqueting suite. The business pays a ground rent of £4,200 a year with rent reviews every seven years, on a 99-year lease with around 58 years remaining. Freehold interest in Small Heath, home to an MOT centre at 80 Grange Road, with a guide price of £100,000-plus. Spectrum Training Services is paying a ground rent of £4,200 a year with rent reviews every seven years, on a 99-year lease with around 60 years remaining. Freehold in Duddeston at 253-255 Great Lister Street, collecting ground rent of £2,000 a year, with around 108 years remaining on a 125-year lease. This guide price is £95,000-plus.  Freehold, also in Duddeston, at 8 Bullock Street, with a ground rent of £2,000 a year and rent reviews every 10 years, with around 107 years remaining on a 125-year lease. Also guided at £95,000+ See more: Birmingham is open for business, insists Cadman Image © Bond Wolfe