A student accommodation block in Birmingham city centre has sold prior to auction for £1.5m.
The sum paid for the 175-bedroom Londonderry House at 2 Newton Street is 115% higher than its initial guide price of £695,000+.
Londonderry House was constructed on the top of a car park close to Aston University and Birmingham City University and it was due to go under the hammer at Bond Wolfe’s 9 July auction.
Craig Upton, marketing director at Bond Wolfe, said: “As soon as we started marketing this property, we had a flurry of interest from a range of potential buyers. This competitive interest resulted in an impressive final price of £1.5m, an excellent result for the vendor. The sale comes despite the fact that the property has been vacant since 2021 after receiving a notice from the fire authority due to non-compliance with fire regulations.”
