Farce of the 'council estate' that's almost entirely owned by a super-rich banker
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A council estate in one of ­London’s most exclusive areas is now in the hands of a City banker and his family thanks to right to buy.
Buy-to-let baron Mukurram Sattar, 68, owns, with his relatives and their firms, the leases to 30 of 35 flats in three blocks at Abercorn in St Johns Wood.
A one-bed flat there tops £500,000.
The family-linked Kunta Kinte Ltd has now put in security entry and a gate, limiting access to what was a public space after Westminster City Council sold it the freehold.
Built in the 1950s, Abercorn is thought to be the first estate bought privately following Margaret Thatcher’s right to buy scheme.
(Image: Daily Mirror)
(Image: Daily Mirror)
The Sattar family began acquiring flats in the 90s for as little as £60,000.
The council now owns just three. Two are in private hands.
Sharon Papapetrou, 50, is one of the three council tenants.
She said: “It’s unbelievable. Everyone has been squeezed out.”
(Image: Daily Mirror)
(Image: Daily Mirror)
Labour councillor Paul Dimoldenberg said it summed up “rotten” Tory housing policy.
A spokesman for Mr Sattar and Kunta Kinte Ltd said: “The flats were purchased from former council tenants, in most cases above market price.
"Purchases were made when the flats were in a dilapidated state. But for my clients this estate would be in a sorry state.”
The council said: “The freehold were sold under the statutory right to enfranchise at the full and proper price in 2010.”