Every flat in new London estate ‘has been sold to foreign investors”

“Controversially sold off by Southwark Council, the estate once homed 3000 people before being knocked down in 2011.

Now part of the regenerated estate, South Gardens in Elephant Park is said to have sold 51 properties all to overseas investors.

The company developing it, Lend Lease, began selling their properties abroad in Singapore before a single flat was available to British buyers.

Southwark Council spent £44m clearing people from the estate and will be given just £50m from Lend Lease.

It had been valued at more than £100m that figure.

It was revealed that just 82 of the new flats would be sold at an affordable rate, with the average value £790,000 to £1,500,000.

Every flat in new London estate ‘has been sold to foreign investors’

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