Nottingham City Council has raised over £10 million through an auction of its properties, with some assets fetching up to 30% above their expected sale prices. The auction, hosted by Acuitus, attracted significant interest from local and national investors, with 79 registered bidders.
Among the sold assets was Mortimer House, a Grade II listed property located opposite Nottingham Castle. This building, which houses the Castle pub and the Fothergills restaurant, along with offices and residential flats, was sold for £1.55 million. Despite the sale, business continues as usual for the operators, who hold a secure lease. The identity of the new owner has not been disclosed.
A car park at a Morrisons supermarket in Clifton also saw intense bidding, ultimately selling for over £1 million—more than double its guide price. Other notable sales included three freehold investments on Salisbury Square Industrial Estate, which raised between £1.4 million and £1.7 million, and an industrial site with eight units at Gauntley Court, which sold for £1.8 million.
The sales come as Nottingham City Council seeks to address financial challenges following its declaration of bankruptcy in November 2023. The council has increasingly turned to asset sales to fund operational costs, with the liquidation of Robin Hood Energy, a venture set up by the council, leaving significant unpaid debts. The final liquidation report revealed claims totaling £67.1 million, with only £13.7 million of those debts paid out.
