The Crown Estate has today (11 January 2011) announced its plans to proceed with a sale of the Cumberland Market, Millbank, Victoria Park and Lee Green housing estates to London housing specialists Peabody.
The sale, which is expected to complete in early spring, was approved by The Crown Estate Board after careful consideration of a number of factors including resident and stakeholder views expressed in the recent consultation, alongside its duties under the Crown Estate Act 1961.
Sir Stuart Hampson, Chairman of The Crown Estate said: “This is an excellent outcome for all concerned. 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.”
Stephen Howlett, Chief Executive of Peabody said: “This is good news for Crown Estate residents and it is good news for London. We are absolutely committed to keeping these homes affordable and available to the key workers who are so crucial to London’s economy and quality of life, and we look forward to welcoming these fantastic communities into the Peabody family.”
Under Peabody’s ownership, the four estates will 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 9 out of 10 new lettings).
During the consultation residents and stakeholders expressed concern about losing their long association with The Crown Estate, but of those who expressed a clear opinion on the outcome, a majority welcomed Peabody as a prospective new owner.
Peabody’s focus on providing residential property management will improve services for current and future residents, including increasing opportunities for residents to be involved in the running of their communities and being able to access a range of community initiatives such as volunteering, training and health activities.
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Press Contact
Andrew Payne
Communications Manager
The Crown Estate
020 7851 5271 / andrew.payne@thecrownestate.co.uk
Notes to editors
- The second consultation feedback report is available at: www.thecrownestate.co.uk/secondconsultation.pdf
- The Crown Estate manages a highly diverse property business valued at £6.6 billion.
- It pays all of its surplus revenue (profit) to the Treasury for the benefit of the nation every year: in 2009/10 this was £210.7 million. Over the past ten years The Crown Estate has paid a total of £1.9 billion to the Treasury.
- The Crown Estate's objectives, which are laid down by Parliament under the Crown Estate Act 1961, include enhancing the value of the estate and the revenue it produces.
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The responsibilities of The Crown Estate are to maintain and enhance the value of the estate and its income over the long term and to do this having regard to good management. In summary, The Crown Estate is a successful business organisation guided by our core values – commercialism, integrity and stewardship.
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The Crown Estate manages a diverse property portfolio which includes office, retail and industrial premises; housing; farmland; forestry and minerals; parkland; and around half the foreshore and almost all the seabed around the UK.
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The Crown Estate’s property comprises four estates: Urban, Marine, Rural and Windsor.
www.thecrownestate.co.uk/home.htm
