Seven valuable freeholds owned by Birmingham City Council up for auction

Bond Wolfe is continuing to help Birmingham City Council raise crucial funds by selling a range of valuable freehold interests in its next livestreamed auction on Wednesday 27 March.

The sale of seven of the authority’s ground rents that are likely to interest bidders keen on investments comes after Bond Wolfe raised nearly £4 million from 25 lots sold for the authority in its last auction in February.

The freehold commercial ground rents on offer include a property hosting a waste and recycling company at 64 Cato Street in Duddeston, which will have a guide price of £430,000+.

Astar Waste Ltd pays ground rent of £17,500 a year for these premises, with rent reviews every seven years on a 99-year lease with around 56 years remaining.

Gurpreet Bassi, chief executive of Bond Wolfe, said: “This is a prime example of a freehold ground rent that can provide a healthy and steady income for investors.

“We are pleased to be the continued choice as a retained auctioneer for Birmingham City Council to help raise substantial prices for parts of its property portfolio, and we are anticipating high demand for these lots.”

Another valuable lot in Duddeston is the freehold interest on a property hosting a popular café at 212 Thimble Mill Lane, which has a guide price of £170,000+.

The Black Country Kitchen pays ground rent of £8,950 a year for these premises, with rent review every five years on a 99-year lease with around 59 years remaining.

Over in the Jewellery Quarter, the freehold interest secured on industrial land and premises at 91 Buckingham Street is in the auction, with a guide price of £215,000+.

A business is paying ground rent of £8,000 a year for this property, with rent reviews every seven years on a 125-year lease with around 87 years remaining.

The freehold interest with a guide price of £190,000+ is also available on a nearby property at Richmond House, at 32 Park Road in Hockley, which hosts The New Parklands, a well-known banqueting suite.

This business is paying ground rent of £4,200 a year with rent reviews every seven years, on a 99-year lease with around 58 years remaining.

Over in Small Heath, the freehold interest in a property hosting an MOT centre at 80 Grange Road is up for sale, with a guide price of £100,000+.

Spectrum Training Services is paying ground rent of £4,200 a year with rent reviews every seven years, on a 99-year lease with around 60 years remaining.

Two more lots of freehold interests include ground rent of £2,000 a year, with rent reviews every seven years, for a property at 253-255 Great Lister Street, Duddeston, with around 108 years remaining on a 125-year lease. This guide price is £95,000+.

Also coming with a guide price of £95,000+ is the freehold interest in a property at 8 Bullock Street, Duddeston, with ground rent of £2,000 a year and rent reviews every ten years, with around 107 years remaining on a 125-year lease.

The council freeholds number just seven of what will be scores of lots appearing in Bond Wolfe’s next auction, which will start at 9am on Wednesday 27 March.

If you have a property you are considering selling, visit https://www.bondwolfe.com/free-property-appraisal/ email auctions@bondwolfe.com or call 0121 312 1212 or 01902 928 510 for advice or to arrange a free no obligation valuation.

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* Each property is subject to a reserve price which may be different from the guide price.  Please refer to the Important Information and legal pack(s) for further information and any additional fees which may apply.

For further information, please contact:

Suzanne Randell, Operations Director,

Bond Wolfe, 1st Floor, 75/77 Colmore Row, Birmingham B3 2AP

0121 312 1212, SRandell@Bondwolfe.com

www.bondwolfe.com

Twitter – @BondWolfe

Editors’ notes:

Bond Wolfe, now in its 41st year, has a record breaking and award-winning team with over 500 years of combined property experience. Bond Wolfe is a multi-disciplined property business specialising in property auctions and property agency. They sell all types of residential, commercial and mixed-use property, investments and land/development sites for private individuals and corporate clients. They will hold seven auctions in 2024, the remaining ones on 27 March, 16 May, 11 July, 12 September, 24 October and 12 December as well as offering online auctions, selling properties nationally across the UK.