Southwark council says it has become economical to sell two five storey buildings which provided council housing for residents. The buildings will go to auction today with a guide price of £2.3m for the pair.
The properties at 22 and 23 Park Street, Borough, built in 1820, are in need of extensive repair and refurbishment, but the council says the buildings could bring in much more than their guide price.
Chris Coleman-Smith, head of auctions at Savills, the estate agent conducting the sale, told the Guardian: “We think this will be the most expensive council home ever sold, and we are delighted that the proceeds of sale will contribute to creating more housing in the borough.”
Councillor Ian Wingfield added: “Selling council homes is not something I would ordinarily advocate, but this is a no-brainer in terms of the capital we will receive to invest back into housing, for improving existing stock and new-build.”
You need to read: