Nottingham City Council raised over £10.5 million selling properties as part of efforts to address financial challenges.
Acuitus, an auction house, ran the sale with big interest from investors, both locally and nationally. Seventy-nine people registered to bid. Mortimer House was one property for sale; it’s a historic building across from Nottingham Castle.
Watson Fothergill, a famous architect, designed it, and the Castle pub and Fothergills restaurant are located there. The pub and restaurant continue to operate as usual with a solid lease, so nothing changes for them.
Mortimer House, which includes offices and flats, sold for £1.55 million, though the buyer remains unknown. A car park in Clifton sparked a bidding war and eventually sold for over £1 million, twice the original price.
Three investments on Salisbury Square were sold, generating between £1.4 million and £1.7 million. Another site on Gauntley Court earned £1.8 million, and a site near Nottingham Trent sold for £1.2 million.
Acuitus’ John Mehtab expressed his happiness with the outcome. He enjoyed working with Nottingham City Council and noted their entry into a good investor market.
The council sold these assets to address financial difficulties, facing potential bankruptcy in 2023. Selling property became more vital, allowing them to cover daily costs through sales.
Robin Hood Energy’s failure caused significant problems after the council set it up back in 2015. It left over £50 million of unpaid bills, resulting in the company shutting down completely five years later.
A report indicated that Robin Hood Energy owed a total of £67.1 million, but only £13.7 million was paid back to creditors. Individuals and companies made 347 claims in the process.