Former council flat at Bankside goes on sale for £1.1 million

Falcon Point in Hopton Street was built in the late 1970s between Blackfriars Bridge and Bankside Power Station.

The complex has 110 flats and includes the Founders Arms pub and the Bankside Gallery.

The £1.1 million asking price for the two-bedroom flat means it is almost certainly the most expensive ex-council flat to be sold in Southwark, and one of the most expensive in London.

Last month a former council flat in South Kensington attracted national press attention when it was advertised for £1.15 million.

Two former council houses (as opposed to flats) in Park Street sold at auction for almost £3 million in 2013.

According to the Falcon Point Management Group website, only around 40 per cent of the flats at Falcon Point are now occupied by council tenants, with the rest being owned by leaseholders.

The ground lease of Falcon Point is held by Southwark Council and expires in 2077.

The freehold of Falcon Point changed hands earlier this year as part of the £308 million acquisition of the adjacent Sampson House and Ludgate House by a Malaysian and Singaporean consortium.