The Crown Estate has today (2 March 2011) announced that it has completed the sale of the Cumberland Market, Millbank, Victoria Park and Lee Green housing estates to London housing specialists Peabody.
The purchase price for the portfolio was £140.8 million. The sale of the estates was subject to certain conditions imposed by The Crown Estate’s Board. These include that Peabody is legally bound to:
- Continue lettings to keyworkers at the same level as The Crown Estate (around 9 out of 10 new lettings).
- Honour existing residents’ contractual rights in a number of areas including how rents are set, succession rights and their security of tenure.
Peabody’s focus on providing residential property management will improve services for current and future residents, including increasing opportunities for them 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.
Today’s announcement of the completion of the sale follows a lengthy process which has involved two consultations with residents and other stakeholders.
Stephen Howlett, Chief Executive of Peabody said: “I’m delighted to welcome these fantastic communities into the Peabody family. 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.”
James Cooksey, Head of St James’s and diversification portfolio at The Crown Estate said: “The sale to Peabody represents a good outcome, not just for existing residents but for everyone who cares about keyworker housing in London. We are very grateful to everyone who has helped shape the future direction of these estates and we wish the residents the very best for the future.”
