‘Bankrupt’ Birmingham City Council updates auctions live as cash-strapped authority snaps up more properties

‘Bankrupt’ Birmingham City Council is selling properties, land and ground rents at auction today. The cashless authority has nine lots up for grabs.

The properties on offer include a cultural center of the city. They are among more than 160 lots, which include private homes, to go under the hammer today, Thursday 16 May.

READ MORE: ‘Bankrupt’ Birmingham City Council auctions off properties including cultural center

The beleaguered council was effectively declared bankrupt last September. Equal pay liability claims and a faulty IT system compounded its financial problems, totaling more than £800m.

The auction, hosted by Bond Wolfe, comes as the council hit a new low in March after six sites failed to meet their guide price with bidders. That meant they all remained unsold. While 25 council properties sold at auction in February – around £4m.

Gurpreet Bassi, chief executive of Bond Wolfe, said: “We are delighted to be able to offer a wide variety of lots which will increase the range of interest from our regular customers and those looking for opportunities in Birmingham.

“The lots we are offering from Birmingham City Council are the latest in a number of properties, land and ground leases that we have been instructed to sell as the council’s retained auctioneer and we anticipate strong interest from to a wide range of UK investors. “

This is a live auction. BirminghamLive will bring you updates from the auction on the live blog below.

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