Israeli entrepreneur Teddy Sagi of Market Tech Holdings is helping Utopia Village stay open for business with a purchase the site for 44 million pounds or $65 million. Teddy Sagi already owns the main markets in Camden Market in London.
Planners clashed with the Camden council and Primrose Hill residents with their proposal to transform the 22 businesses located in the area into 53 luxury flats. Among those who protested the proposal were Alan Bennet and Baroness Joan Bakewell who argued that turning the businesses into high-end apartments would create “devastating” losses for the community.
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In the end, the council seemed to have the upper hand, until the council’s rejection was overturned and the developers thought they were going to be able to go ahead with the project. In a surprise development, Market Tech’s Sagi purchased Utopia Village with the goal of continuing to stimulate businesses in the area. Market Tech plans to allow space to be rented to businesses while coordinating projects between businesses Camden Market and companies located in Utopia Village.
