Indebted Birmingham City Council is bringing another 12 assets to auction next month.
The struggling local authority, which has to raise some £750m from asset sales, has put a dozen assets up for sale at Bond Wolfe’s next auction.
The online sale on 11 July will see a selection of freehold properties, commercial investments and ground rents go under the hammer.
The assets include a two-storey detached former children’s home, which has potential for redevelopment, subject to planning permission; 55 Stevens Avenue, which has latterly been used as a family office, comprising offices, classroom and seven parking spaces; and 9 Whitmore Road, a freehold retail investment comprising a shop with living accommodation above currently producing gross income of £11,500 per annum.
Several other retail assets and workshop assets, plus a number of ground rent investments, form the rest of the latest tranche of sales from the council.
Gurpreet Bassi, chief executive at 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.”
So far, the local authority has sold around 40 properties through Bond Wolfe, raising more than £6m.
It has also instructed LSH to sell a portfolio of ground rents for £20m.
In February, the council secured £1.2bn of exceptional financial support from the government after effectively going bankrupt. It needs to repay the cash through £750m of asset sales.
Send feedback to Samantha McClary
Follow Estates Gazette
