Wednesday, 16 April 2014

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.’

Readers' comments (2)

  • Sidney Webb

    Some social housing that even the great Shapps can not get his hands on and destroy - how painful that must be for him - worse still it means that social tenants may be seen by the greater and the better living around and about the neighbourhoods. Perhaps he can assist on strategic barbed wire being installed.

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  • hi all,
    suggest you read 'two sides of the coin' on the right.
    10% of all new lettings will be at market rent or be sold.
    If 10% of people move home each year, it means 1% could be sold ie 12 properties a year or 120 in ten years in 30 years 360..
    you can see how quickly Peabody is going to get their money, and after a £100 million gift from the tax payer.

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