Former council flat in Covent Garden, London sells for £1.2 million

A Covent Garden flat that was sold for £1.2m used to belong to the council.

An ex-council flat in London has sold for £1.21 million, more than nine times the initial purchase price.

This is not the first ex-council flat to sell way above what it was bought for. In May a two-bedroom home above Stella McCartney’s boutique in Fulham came on to the market for £1.15m.

It boasts its own private front door entrance, a third bedroom and an eat-in kitchen separate from the main reception room.

Meanwhile, the most expensive ex-council house – rather than flat – ever sold is thought to be two adjoining properties in south London, which fetched a joint price of £2.96million at auction in October 2013.

Barry Marner, branch manager at Barnard Marcus Covent Garden, said: “The property is in a fantastic location, just behind the Royal Opera House and in the heart of Covent Garden”. However, its statement also explained why most would-be homeowners now see the centre of the capital as out of bounds.

Property agent Barnard Marcus said the flat, which is part of an ex-council mansion block on Tavistock Street, has been snapped up for £1.21m after just six weeks on the market.

The 200-year-old building, which is near Borough Market in London was bought by an anonymous bidder from Southwark Council, which said it would invest in at least 20 new social houses.

Tracy Kellett, a buying agent for wealthy house-seekers, told the Guardian that ex-council homes were of interest to homebuyers and investors. In 2014, a two-bedroom flat in Siddons Court was advertised for rent at £525 a week.