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14th August 2015
12:53pm BST
The home was sold for nearly ten times it's original price (image via Barnardmarcus.co.uk).
This former council house in Covent Garden is the perfect example of the power of resourcefulness, and turned over a whopping 800 per cent profit in it's sale this week.
Originally bought for £130,000 in 1990, the three-bedroom home just sold for a whopping £1.2 million, in what is thought to be a record for a former local authority property.
The home is situated on Tavistock Street in Covent Garden (image via Barnardmarcus.co.uk).
Barry Marner at Barnard Marcus, the estate agent who sold the property, explained that they expected the property to garner this price.
He said: "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."
Hat Tip: The Guardian Explore more on these topics:
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