London council bags £1m from sale of 'dilapidated shed'

A London borough has netted almost £1m after auctioning off a prefabricated 1950s bungalow.

The property in Peckham, which was described as being in a "dilapidated" condition, has three rooms, a kitchen and an unfitted bathroom, according to the BBC. Nobody has lived in it for almost 15 years.

The council said the property has been sold without planning permission for demolition but the new owners could apply for it.

Southwark Council said the money raised by the auction will be reinvested in its housing programme, which aims to deliver 11,000 new homes by 2043, with the first 1,500 to be built by 2018.

Cllr Richard Livingstone, the council's cabinet member for housing, said the authority would not normally want to sell off its homes but in this case the cost for repair and refurbishment was "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," he added.

Chris Coleman-Smith, auctioneer at Savills, said: "Someone has bought it to develop it and that area is a hotspot. It is a really good location."

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