Three-bed property near Covent Garden bought for £130000 in 1990 realises return on investment of more than 800% for owners
A former council flat in central London has changed hands for £1.2m in what is thought to be a new record for an ex-local authority apartment. The three-bedroom property near Covent Garden has been sold by the original buyers,who bought it from Westminster council in 1990 for £130000 under the good-to-buy rules introduced by Margaret Thatcher. Although it failed to reach the initial asking price of £1.35m, the sellers are unlikely to absorb been disappointed with a return on their investment of more than 800%.
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Source: theguardian.com