Talwinder Singh, a businessman from Oldbury, bought an Edwardian water tower in Selly Oak, south west Birmingham, in partnership with his brother-in-law Gurpreet Singh, at Bond Wolfe’s Villa Park sale on 13 March.
Regular buyers at auctions in the local area, both men run companies importing mobile phone accessories, but have bought and developed a number of residential properties and HMOs in Birmingham which they continue to rent out through a number of different property companies.
The ballroom auction, at the Holte Suite at Aston Villa Football Club, was Bond Wolfe’s inaugural auction after Gurpreet Bassi and Ian Tudor – formerly the heads of residential and commercial auctions at the Bigwood auctions business – set the company up in January. It raised a total of £16.7m, with a success rate of 90%.
Singh’s successful bid for lot 53 was one of the highlights of the auction, as he competed with five other parties to purchase the local landmark. Offered with a guide price of £100,000, Singh eventually bought the tower for £235,000.
The locally listed former water tower previously formed part of Selly Oak Hospital, and was bought in 1902 to form an imposing entrance for what was then a workhouse. It was sold with planning consent to be converted into three apartments.
Why did you buy the property?
The water tower forms the heart of Selly Oak and really is something special. Our plan is to go ahead with the planned development and convert the tower into three apartments, and then to live in one of them and rent out the others.
We have also applied to the council to build an additional glass penthouse on the roof – ideally we would like to live in that – but we have not yet heard back over whether this will be granted. We hopefully plan to start work in the middle of next month.
What was bidding like on the day?
It was quite busy. There were five or six other interested parties, but we managed to win it in the end. We’re happy with the price we paid because it is such a good area and the building has good potential. Prices are very high in Selly Oak, and we believe we have acquired the tower at an excellent price, which makes it possible for us to invest into creating properties that will bring good rental revenue as well as a great property for ourselves.
What did you think of the auction process?
I thought it was really good. I have no complaints. I like to buy at auction because I think you get better deals than you do by buying through private treaty. Also, some properties are only available through auctions.
What is your take on the current market? Is Brexit having an effect on your local market?
No way. The Selly Oak market is still hot. There are a lot of students because it is so close to Birmingham University, and there are a lot of professionals who want to live in Selly Oak too. It is a very tight market and you can get good prices.
