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Camden News - by SIMON WROE
Published: 15 May 2008

‘In it for the money’: 5 more council homes sold

CAMDEN’S shrinking property portfolio lost another few homes yesterday (Wednesday), as five more council homes went under the hammer at auction.
The sale at the Café Royal in Piccadilly erupted into a bidding war between property developers eager to buy the Town Hall’s prime real estate, sold off because they would apparently cost too much to repair.
The £3.5 million raised will go back into the council’s housing funds, according to Town Hall chiefs.
Liberal Democrat housing supremo Councillor Chris Naylor insisted that only street properties in need of serious investment were being sold. Each Camden lot came with the caveat that “the purchaser will be responsible for carrying out substantial works” although details of the repairs were not set out.
Far from being deterred, some buyers saw the clause as a potential golden ticket, allowing unbridled development in the name of renovation.
“It’s planning permits – what else?,” said one bidder. “They can’t refuse [your applications] once you’ve bought the property off them.”
A six-bedroom, ground- floor flat in exclusive Redington Gardens sold for £1.3 million, while a house in Marquis Road, Kentish Town, was sold for £610,000 just a week after its previous tenant said it only required a lick of paint.
A bidder on the Marquis Road property admitted the house could have been given minor improvements and remained as affordable housing, adding: “But that’s not the point is it? The name of the game is money.”

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