The Crown Estate announces Peabody as prospective purchaser of its four London housing estates

Published by Ellie Warfield for Peabody in Housing and also in Communities

The Crown Estate announced today (12 October 2010) that it has chosen London housing specialists Peabody (a housing association and charity) as the prospective purchaser of the Cumberland Market, Millbank, Victoria Park and Lee Green housing estates.

Today The Crown Estate begins a six-week consultation to hear views on Peabody’s plans for managing the estates and how current residents’ rights are to be protected, should The Crown Estate decide to proceed to a sale of the estates.

Peabody’s proposals for the estates fulfil all the conditions imposed by The Crown Estate to directly respond to the principal concerns voiced by residents and others during a consultation earlier in the year. Specifically, Peabody:

•    would be legally bound to continue lettings to key workers at the same level as The Crown Estate (approximately 9 out of every 10 new lettings), ensuring the estates play a key role in the future provision of affordable housing in London

•    accepted they will be legally bound to maintain existing tenants’ current rental frameworks and security of tenure provisions.

The Crown Estate Board was impressed by Peabody’s detailed plans for the future management of the estates, its proud heritage in London housing and well-earned reputation for investing in and developing local communities.

Residents of the four estates would benefit from a sale by increased involvement in estate management and being eligible to participate in a range of community initiatives, such as volunteering and training opportunities, and a wide range of well-being and health activities.

Sir Stuart Hampson, Chairman, The Crown Estate said: “Everyone who cares about the future of affordable housing in the capital should warmly welcome this news. Peabody homes have been at the heart of London for almost 150 years and their name is synonymous with responsible management, and safe, vibrant communities. We hope that residents and others take the time to understand Peabody’s plans for the estates and let us know their views on the proposals.”

Steve Howlett, Chief Executive of Peabody said: “I am delighted that Peabody has been selected and look forward to sharing with Crown Estate residents our vision for the future of these fantastic communities during the consultation. We are absolutely committed to keeping these properties affordable; the current Crown Estate arrangements to house key workers will not change.  That’s good news for residents and good news for London.”

A final decision on whether to proceed with a sale to Peabody will only be made after the Board has considered the results of the second consultation, which closes on 23 November 2010.