Norwich council to auction buildings housing businesses

The council generated the cash through auctioning the building housing Mr Postles' Apothecary cocktail bar in Upper King Street and a property in Bedford Street, which is leased by Dick's Bar and Bedfords Bar.

19 Bedford Street and 19a -21 Bedford Street and 1 Old Post Office Yard were auctioned off and sold for £649,000 (Image: Acuitus)

The freehold, or ground rent, of two buildings in Norwich that are rented by a wine bar and furniture shop are also heading to auction.

The sites are currently occupied by Wallow wine bar in Exchange Street and Thornbury in Ber Street.

The freehold, or ground rent of 36 Exchange Street, is to be auctioned (Image: Acuitus)

The businesses are unaffected by the sales.

Together, the properties could raise an additional £135,000.

The Thornbury building is being offered at a guide price of £75,000 and is currently raises £200 a month in rent.

22-24 Ber Street, where Thornbury is located, will be auctioned (Image: Acuitus)

Auctioneers the Acuitus describe it as a "sizeable piece of real estate" and the business currently has a 33-year 'reversion' - the right for the leasehold to be returned to the freeholder.

Wallow wine bar is described as paying a "peppercorn rent" and has been offered at a guide price of £60,000, with the reversion term extending for 25 years.

Norwich City Council sold the building housing Mr Postle's Apothecary cocktail bar (Image: Acuitus)

The sales will help raise Norwich City Council more capital cash. However, it will result in a loss of valuable assets that provide income to fund services.

In recent years, local authorities across the country have been selling assets to help fund their delivery of services, with critics arguing it could leave authorities worse off in the long run.

However, many councils have needed to raise extra cash after cuts to funding over several years.

But Norwich City Council says it is in a strong financial position and has avoided having to make cuts like other authorities.

The authority will also soon be scrapped to be replaced by one or more unitary councils in Norfolk, with a new funding model introduced.

Last year, City Hall sold a former shoe factory in Dibden Road for £1.2m.

In 2024, the council also announced it was seeking to sell off six sites in a bid to raise nearly £33m.

Norwich City Council has been approached for comment.

The auction is being held on December 11.