Latest London news, sport & entertainment

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 16°C

min temp: 11°C

Five-day forecast

‘Most expensive’ council home to sell at auction

The 'Take Courage' building in Borough Market. Picture: Southwark Council The 'Take Courage' building in Borough Market. Picture: Southwark Council

Thursday, October 24, 2013
11:07 AM

The sale of two former council homes next week by the London Borough of Southwark is expected to draw in big bidders - and the cash will be plowed back into building new council properties.

To send a link to this page to a friend, you must be logged in.

The 200-year-old “Take Courage” building near Borough Market is set to sell for more than £2.3million at auction on Monday, according to Savills Auctions, which believes the property will be “the most expensive council home ever sold”.

Southwark Council took possession of the building on Park Street in the wake of the dissolution of the Greater London Council in 1986, and since has put it to use as part of his housing stock.

But now, high refurbishment costs and a need for council homes have promped the council to sell off the property - which is currently vacant - to help fund new developments.

Cllr Fiona Colley, cabinet member for regeneration, said: “The costs of repair and refurbishment, coupled with the sale price mean that selling this building was always the best option.

“The receipt will contribute to our new 11,000 council house building programme.”

The “Take Courage” advertising paint on the side of the building dates back from the 19th Century, when it was thought to house bosses of the Anchor Brewery.

Savills head of auctions Chris Coleman-Smith said, “We think this will be the most expensive council home ever sold, and we’re delighted that the proceeds of sale will contribute to creating more housing in the borough.”

The auction will be held at the Marriott Hotel, Grosvenor Square at 9am on Monday October 28.

0 comments

   Local advertisers

Other Politics Articles

Click here to read the Digital Edition of the East London Advertiser on screen
Use our Wedding site to help you plan your big day!
At WeddingSite we know how much you have to organise for your wedding day, that's why we have designed a set of FREE, simple-to-use tools to make the planning process easy & hassle-free. FIND OUT MORE
Find a date using our online dating and friend finder
You can meet new friends, find romance or simply meet up online with people sharing similar interests and hobbies. FIND OUT MORE
Find a local business using our online directory search
Need a plumber? Or a florist? Or anything else? Search our business directory to find East London businesses in just a few seconds. FIND OUT MORE
Family notices from the East London Advertiser, with readers' tributes
In memoriam, birthdays, weddings, anniversaries, best wishes & special days. FIND OUT MORE

Celebrity / Showbiz See all

The pop-up will mark Record Store Day, which is on Saturday (Picture: Mike Lawrie/Getty Images)

World’s smallest disco to open in Stoke Newington

Two musicians behind the ‘90s hit Brimful of Asha are launching the world’s smallest disco in Stoke Newington this weekend.

Read full story »