The cash-strapped authority made £1.5million in half-an-hour when it sold three properties at an auction fire sale1 High Street, Kings Heath(Image: Bond Wolfe)

Skint Birmingham City Council has sold a property in its portfolio for three times its estimated value.

The cash-strapped authority made £1.5million in half-an-hour when it sold three properties at an auction fire sale on Thursday, September 11.

But the stand-out sale was a former therapy centre at 1 High Street Kings Heath, which sold for a massive £920,000 – three times the amount of its original guide price.

READ MORE: Skint Birmingham City Council makes £1.5m in half-an-hour from auction fire sale

The three-storey detatched property, which also described as a former ‘healing centre’, was advertised as being potentially suitable for alternative uses or redevelopment, subject to planning.

The property occupies a prominent spot on the corner of Kings Heath High Street and Valentine Road and is located directly opposite the suburb’s upcoming train station.

1 High Street, Kings Heath(Image: Bond Wolfe)

The council also sold ‘The Base’ – a community centre at the corner of Ward End Park Road and Foxton Road, Washwood Heath – for £188,00

Freehold land at Umberslade Road, Selly Oak, measuring around 51,000 sq ft, was also the subject of fierce bidding.

The hammer finally fell at £405,000 – just over £100,000 more than its original guide price of £300,000.

In total, the three lots raised £1,513,000 for the council.

It comes after the council netted £2.5m at auction in July after selling a string of assets and a massive £5.5m in May.

Gurpreet Bassi, chief executive of Bond Wolfe which organised the auction, said: “There is clearly tremendous demand for these strategic sites that the council is releasing on to the market.

“Once again, we had huge interest in all three lots prior to auction day and we are delighted to have achieved such strong results.

“This bodes well for our remaining two auctions this year, with the next one starting at 8.30am Thursday, October 23.”

The auction will be livestreamed on Bond Wolfe’s website with remote bidding by proxy, telephone or internet.