Birmingham City Council are set to auction 29 of its disused properties next month.
In September the council issued two Section 114 notices, formal admissions it was effectively bankrupt. The reasons included equal pay claims of up to £760m and an £80m overspend on a troubled IT system. A document published on the council's website show that Birmingham's children’s services are set to face the biggest hit financially, with services being cut by around £57 million.
The council are looking for ways to save moneydecalred itself effectively bankrupt last year and will be looking for ways to save money. 29 council-owned properties are also set to appear at a Bond Wolfe auction next month.
The properties will go under the hammer in a livestreamed auction on Thursday 8 February, starting at 8.30am.
Birmingham City Council has also instructed Bond Wolfe to sell 25 ground rents on a range of commercial, industrial and retail properties across the city, including ten in New John Street West.
Gurpreet Bassi, chief executive of Bond Wolfe, said: “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.”
Here are four of the council properties set to be autioned:
1. The former Sandcastle Day Nursery, Erdington
The Birmingham City Council lots for sale include the former Sandcastle Day Nursery ,on Chester Road, Erdington, which is offered freehold with a guide price* of £650,000+. The property is a post 1970s, single storey purpose-built school building on a site of circa 0.64 acres.
2. Former Four Dwellings Children’s Centre, Quinton
Former Four Dwellings Children’s Centre in Quinton Photo: A potential redevelopment project, subject to planning permission, is 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+.
3. 455 Yardley Wood Road, Moseley
A detached commercial investment opportunity in Moseley is certain to prove popular as well. The freehold property at 455 Yardley Wood Road, Moseley, currently operates as a day nursery, and is subject to a 25 years 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 has a guide price of £180,000+.
4. Latelow Road, Garretts Green,
Another potential development opportunity is 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. It has a guide price of £175,000+.