Peabody completes Crown Estate purchase
Peabody has completed the purchase of four housing estates from the Crown Estate.
The housing association has bought Cumberland Market, Millbank, Victoria Park and Lee Green for £140.8 million.
As sale of the estates has been controversial as tenants were concerned they might lose their existing rights. As part of the purchase agreement Peabody is legally bound to continue letting to keyworkers at the same level as the Crown Estate, and honour existing residents’ rights on key areas including rent setting, succession and security of tenure.
Stephen Howlett, chief executive of Peabody said: ‘By preserving arrangements for keyworkers, by honouring existing tenancy rights, and by offering an exciting portfolio of additional community services to residents, we believe we are worthy successors to the Crown Estate legacy.’
Roger Bright, chief executive of the Crown Estate, said: ‘The sale to Peabody represents an excellent outcome, not just for existing residents but for everyone who cares about keyworker housing in London.’