The Crown Estate announced yesterday that its board had approved the sale of four housing estates to Peabody.
Peabody was first named as the prospective buyer of the Cumberland Market, Millbank, Victoria Park and Lee Green estates in October 2010. This was followed by a period of consultation during which the Crown Estate considered resident and stakeholder views.
Under the terms of the sale, Peabody will honour existing residents’ contractual rights over rent setting and security of tenure and will continue to designate 9 out of every 10 new lettings for key workers. In addition, the sale will give Crown Estate residents access to Peabody’s range of community activities, training and support. It will also offer residents opportunities for greater involvement in the running of their estates and communities.
Stephen Howlett, Peabody Chief Executive, said: “I am delighted to welcome the residents of Cumberland Market, Millbank, Victoria Park and Lee Green to the Peabody family. There is a very strong need for key worker, sub-market rented housing in London and we are committing to keeping these homes affordable. We look forward to getting to know our new residents and their communities.”
The Crown Estate’s announcement is available on its website.
Also in the news:
2011 to see solar electricity roll-outPeabody takes part in green Q&A
