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London housing group launches £600 million luxury homes programme to support 'charitable purpose'

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London housing group launches £600 million luxury homes programme to support 'charitable purpose'

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Published by Jon Land for 24dash.com in Housing

London housing group launches 600 million private home sales programme to support 'charitable purpose' London housing group launches 600 million private home sales programme to support 'charitable purpose'

One of London’s largest housing associations has launched a £600 million programme of private home sales to help support its "charitable purpose" of providing social housing.

The Peabody Trust, established over 150 years ago by the American philanthropist George Peabody to provide shelter for London's poor, hopes to deliver hundreds of luxury apartments over the next few years.

Peabody has officially launched three schemes - The Peltons in Greenwich, where homes cost between £305,250 and £654,500, Coopers Road in Southwark, where apartments range in price from £374,000 to £666,750, and More West, on Latimer Road in North Kensington, with prices from £399,950.

A fourth scheme, The Colt at Bethnal Green, went on the market earlier this year and has already sold out.

Additional sites have been purchased on a former medical teaching campus at Archway, on Fish Island, Hackney Wick, near the former Olympic park, and in Thamesmead.

Jeremy Stibbe, executive director of development, regeneration and sales at Peabody, said: “More than 150 years after George Peabody’s extraordinary donation to house London’s working poor, we are in a position to extend our mission, creating homes, jobs, and opportunities to more Londoners than ever before.

"Our team of highly-qualified property professionals will ensure that buying a home from us is a great experience from start to finish. Our developments are situated in up-and-coming areas of London, giving people the opportunity to be part of a Peabody community and own an attractively designed property with high-quality internal and external specifications.”

Peabody's sales programme is one of the biggest sales to be launched by a housing association since government cuts to grants reduced the public money available to them.

Mr Stibbe said the level of public funding for housing association schemes had plummeted from around 60% of the total to less than 20%, forcing Peabody to look at new ways of funding itself.

George Peabody set up his Donation Fund in 1862. It now owns around 27,000 homes across the capital, worth £10 billion in total.

Money raised from Peabody's sales programme will be reinvested in new and existing social housing stock and neighbourhood regeneration schemes.

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