Council properties prove popular as Bond Wolfe auction raises £24.6m

Bond Wolfe has sold 100% of the Birmingham City Council properties offered at its most recent auction. Nine properties went under the hammer raising a total of £2.1m for the indebted council. Star lots included a former children’s home at 55 Stevens Avenue, which raised £585,000 and a Sparkhill shop with accommodation above, which sold for £550,000. So far, the local authority has sold around 40 properties through Bond Wolfe, raising more than £6m. Two residential properties offered by Wolverhampton City Council also sold at the auction. Out of 167 lots offered on the day, Bond Wolfe sold 146 – 87% – raising a total of £24.6m. Other highlights on the day included the sale of Our Lady Convent in Wood Street, Southam, Warwickshire, for £525,000; a freehold shop at 21 Winchcombe Street in Cheltenham, which sold for £214,000 from a guide price of £90,000; and The Toby Jug (pictured), a leasehold investment opportunity on Newman Way, Rednal, with a current annual rental of £15,600, which sold for £45,000. So far this year, Bond Wolfe has raised close to £100m from four auctions. Its next auction is set to take place on 12 September. See occupational sale comparables in Birmingham >> Photo © Bond Wolfe