Properties owned by 'bankrupt' council go under hammer

The auction by auctioneers Bond Wolfe has been taking place throughout Thursday for 29 disused properties, investments, land and ground rents owned by the council, which was declared effectively "bankrupt" last year.

Among the properties sold included a popular detached commercial investment opportunity in Moseley.

The freehold property at 455 Yardley Wood Road, currently operates as a day nursery, and is subject to a 25-year lease from 2017 on a passing rental of £18,000 per annum, with five yearly reviews.

The substantial property sits on a site of approximately 23,885 sq ft and had a guide price of £180,000 and above, eventually selling for £416,000.

Another property which sold for a high price was the gated former depot site at Latelow Road, Garretts Green, which measures approximately 0.92 acres, and may suitable for a variety of uses, subject to planning permission.

The property had a guide price of £175,000 and above and was sold for £261,000.

Among the properties up for auction were the former Four Dwellings Children’s Centre, in Quinton, which has fire damage and is in need of renovation.

The freehold purpose-built children’s centre currently has 17 parking spaces and has a guide price of £300,000 and above.

Gurpreet Bassi, chief executive of Bond Wolfe, said before the auction: “There are a range of opportunities here for entrepreneurs and seasoned investors to bring these properties back to life and into day-to-day use again.

“Similarly, the investment and ground rent lots can provide a steady income for investors looking for a bit of stability in what is still an uncertain economic outlook.

“We are anticipating high demand, both for the lots offered by Birmingham City Council, and also a wide range of residential, commercial, retail, mixed use and land and investment opportunities.”

To find out more about the properties and see what is still for sale, go to bondwolfe.com/auction/2419/