One of the largest residential investment opportunities in Birmingham for several years has been sold for over £2.1m by leading property auction business SDL Auctions Bigwood in partnership with GVA.

Mulberry Court in Sutton Coldfield was included in the catalogue for SDL Auctions Bigwood’s March auction with a *guide price of £1.8m, while a private treaty marketing process was run in tandem by GVA.

Toby O’Sullivan of GVA’s Restructuring Solutions team, said: “This unique ‘twin track’ approach to marketing has yielded significant success over the last 12 months, maximising the realisable value of assets within clearly defined timescales. The price achieved for Mulberry Court has set a new benchmark for the local residential investment market.”

Gurpreet Bassi, head of residential auctions at SDL Auctions Bigwood, said: “Mulberry Court is perfect for investors looking to add a substantial asset to their portfolio so it’s no surprise a property developer with a sizable rental portfolio purchased the property. It was a very desirable lot and we received dozens of enquiries and legal pack downloads from excited potential investors.”

Mulberry Court is located at 70-80 Kings Road, near the famous Beggars Bush junction with Jockey Road and Chester Road, on the outskirts of the upmarket suburb of Sutton Coldfield.

The modern, purpose-built block of 23 luxury apartments, including 12 two bedroomed apartments and 11 one bedroomed apartments has a current gross rental income of £154,680 per annum from the 21 apartments already let, with the potential for more than £169,000 per annum once two vacant apartments are also let.