The 1950s bungalow situated on 0.6 acres of land in Peckham contains three rooms, a kitchen and unfitted bathroom. The property is not thought to have been lived in since 2002.
Described as “dilapidated”, Southwark Council said it was extremely pleased when it sold for £950,000.
The money raised for the property will be ploughed back into the council’sMr Livingston added the money would be used to fund its housing investment programme which includes building 11,000 new properties in the borough by the 2040s.. Mr Livingston added the money would be used to fund its housing investment programme which includes building 11,000 new properties in the borough by the 2040s.
Councillor Richard Livingstone said: “Although selling council homes is not something we would normally want to do, sometimes the costs for repairs and refurbishment… is simply too high. We have managed to raise a significant amount of money from the sale of a property that was far past its expected lifespan.”
Chris Coleman-Smith, director and auctioneer at Savills, said the property was in a “hotspot” so the sale price was not a complete surprise.
“Someone has bought it to develop it and that area is a hotspot. It is a really good location.”
He added the site looked like it had been in the same condition for “donkeys years” and the sale meant the money could be reinvested “where the council needs it to go”.