Essential Living agrees first housing association deal with Peabody in Bethnal Green
Peabody to build 45 affordable homes at new Three Colts Lane development.
Essential Living have for the first time made a deal with a registered provider of social housing, with Peabody taking 45 homes at its Bethnal Green development Farrier House, Three Colts Lane.
The affordable housing will sit alongside the 104 homes built specifically for private rent by Essential Living.
Backed by institutional funding from London-based M3 Capital Partners, Essential Living will be delivering 5,000 homes for long-term rent.
A familiar East End area
Dale Meredith, Executive Director of Development and Sales at Peabody said:
"We are delighted to partner with Essential Living on this landmark deal, which will provide much needed new affordable homes for Londoners.
The city’s growth has created a major housing challenge and there is an urgent need to rebalance supply and demand. We welcome the focus on building homes for rent, which not only helps to tackle the housing shortage, but also improves choice and quality for Londoners."
Martin Bellinger, chief operating officer at Essential Living, said:
"This marks our first deal with a registered provider and cements our desire to create a fantastic mixed community right on the edge of the City."