An ex-council flat in central London has been sold for £1.21m – a staggering nine times the original purchase price.
The three-bedroom flat in Siddons Court, Covent Garden, was bought from Westminster Council by the seller in 1990 for £130,000 through the Right-to-Buy scheme.
But the former owner has landed a huge profit of £1.08m by selling up – an 800 per cent increase on the price they paid - despite initially listing the property for £1.35m.
The flat in the ex-council mansion block, behind the Royal Opera House, covers 1,118sq ft and has a two-tier living room and private entrance.
Estate agents Barnard Marcus, which sold the flat, believe it is one of the most expensive former council properties ever sold in London.
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.
“With central London property prices at a premium, and with demand for properties far outstripping supply, we weren't surprised that this former council flat reached this impressive price.”
The estate agents added the new buyer will be an ‘owner-occupier’ and is not an investor.
The property sold after just six weeks on the market and fetched the same amount as would normally be paid for a two-bedroom home in the area.
Earlier this year, a two bedroom ex-council flat in South Kensington was put up for sale for more than £1m.
The third floor apartment above Stella McCartney’s boutique in Fulham Road was marketed for £1.15m, exceeding the previous record asking price in the area of £999,950.
And in October 2013, another former council property - two flats converted into a house – in Park Street, Borough, sold at auction for £2.96m.
