Brum council to offload more assets at auction

Birmingham City Council is offering five more commercial properties and ground rents for sale in Bond Wolfe’s next auction on 12 September. It is the latest in a string of auction sales organised by Bond Wolfe on behalf of the council over recent months. Among the lots is the freehold interest on industrial land and premises at 8 Bullock Street, which is being offered with its ground rent for a guide price of £70,000. The property is being sold freehold subject to its lease for 125 years from November 2006 at a ground rent of £2,000 per annum, with reviews every 10 years. The council is also selling the freehold to 64 Cato Street at a guide of £215,000. It is held on a 99-year lease from March 1981 at a ground rent of £17,500 per annum with rent reviews every seven years. Over in Saltley, Birmingham City Council is seeking to offload 155 Dollman Street, which comprises industrial land and premises, for £225,000 or more. The property is being sold freehold subject to a 99-year lease from February 1987 at a ground rent of £8,850 per annum, subject to rent reviews every seven years. Elsewhere, a price tag of £135,000 has been set for the freehold interest on the ground rents for industrial land and premises at 212 Thimble Mill Lane. It is being sold subject to a 99-year lease from May 1984 at a ground rent of £8,950 per annum with reviews every five years. And finally, the freehold interest of the industrial land and premises at 253-255 Great Lister Street, is guided at £90,000 and is being sold with a 125-year lease from February 2007 at a ground rent of £2,000 per annum with reviews every seven years. The council properties are among 202 lots that are appearing in the auction. The council has been steadily selling assets through a Bond Wolfe auctions, raising around £6m so far, it has also instructed LSH to sell a portfolio of ground rents for around £20m and earlier this month announced plans to potentially offload 755 homes at Perry Barr to a third party.