Council's historic properties auctioned for £1.1m

One of the buildings on the corner of Guildford's Castle Street and Quarry Street is currently leased by Olivo restaurant

Historic council-owned properties in a Surrey town centre have been sold at auction for above the asking price.

Guildford Borough Council put the properties in Castle Street and Quarry Street up for sale to help its financial recovery plan.

The properties sold on Monday for £1,185,000, slightly over the guide price of £1m, according to agents Savills.

Some of the buildings on the corner site are empty, but one is currently leased to Olivo restaurant.

Another was built in 1816 as a chapel for the Calvinistic Independents, according to the listing.

The buildings, some of which are Grade II listed, have been used as a photography studio, offices and a recreated Victorian classroom.

Guildford Borough Council narrowly avoided effectively declaring itself bankrupt last year when accounting errors were uncovered.

A police investigation is also being carried out into alleged fraud in the council's housing department.

Richard Lucas, lead councillor for finance and property, previously said the decision to sell the properties was taken as part of a routine asset review.

"Income generated will help towards our financial recovery plan," he added.

Savills did not confirm who purchased the buildings.