Council is slammed for selling land on one of Britain's most expensive streets to a millionaire banker for just £13,900 despite homes selling for £27MILLION

A council has been slammed for selling land on one of Britain's most expensive streets to a millionaire banker for just £13,900

Westminster City Council sold 30 flats at Abercorn Place Estate in St John's Wood, London, to a business run by Mukurrum Sattar.

The land sits on Hamilton Terrace, where there is currently a home on the market for £13.9million - 1,000 times more expensive. Last year one home was on sale for £27m.

The buy-to-let baron, Mr Sattar, used family members and his business to take over the council estate, by buying the remaining properties, to force enfranchisement.

Verity House which contains six flats is now owned outright by the family business, Kunte Kinte Limited

At the same time Kunte Kinte bought the freehold for neighbouring former council-owned Warner House for £85,000, which hosts 20 flats.

The Sattar family company also bought the freehold for Bradman House, which contains nine flats, for £631,000.

In total the three freeholds for the properties on the Abercorn Place Estate were £729,900.

They also now own leaseholds to 30 of the 35 flats on the estate and are currently in the process of buying a 31st, after buying from former council tenants who had used their right to buy option. Just three council tenants remain.

The rest of the land, which was sold for £13,900 by the council, includes the stairwells, lifts and outside railings. This was valued independently before sale.