Crown Estate sells four London estates to Peabody
The Crown Estate has agreed to sell four housing estates in London to Peabody.
The sale of the Cumberland Market, Millbank, Victoria Park and Lee Green housing estates is expected to complete in early spring.
The two organisations promised that the four estates would – under Peabody’s ownership – “continue to play an important role in the future provision of keyworker housing in London”.
Peabody will be legally bound to:
- “honour existing residents’ specified rights in a number of areas including how rents are set, succession rights and their security of tenure
- continue lettings to keyworkers at the same level as The Crown Estate (currently around nine out of ten new lettings).”
A consultation about the potential sale revealed resident and stakeholder concerns about losing their long association with The Crown Estate. However, The Crown Estate said that, of those who expressed a clear opinion on the outcome, a majority welcomed Peabody as a prospective new owner.
Sir Stuart Hampson, chairman of The Crown Estate, insisted the deal was “an excellent outcome for all concerned”.
He added: “For existing residents whose position is secured and who will benefit from the services of one of the best and most prestigious UK housing providers; for anyone who cares about keyworker housing in London, where Peabody has an excellent track record of providing quality homes and cohesive communities; and also for The Crown Estate which will be better able to meet its duties under the Crown Estate Act in the future.”
Peabody chief executive Stephen Howlett said: “There is a very strong need for key worker, sub-market rented housing in London and we are committing to keeping these homes affordable.”
