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Peabody chosen as purchasers of Crown housing estates

Specifically, Peabody:

– would be legally bound to continue lettings to key workers at the same level as The Crown Estate (currently around 9 out of every 10 new lettings), ensuring the estates play a key role in the future provision of affordable housing in London;
– accepted it would be legally bound to safeguard existing tenants’ current rental frameworks and security of tenure provisions.

The Crown Estate has launched a six-week consultation to hear views on our proposal to sell the four estates to Peabody and on the plans for managing the homes in the future. During the consultation we will explain to residents how their rights are to be protected, should a sale go ahead.

Residents of the four estates would benefit from a sale by having the opportunity for increased involvement in estate management and being eligible to participate in a range of community initiatives, such as volunteering and training opportunities, and a wide range of well-being and health activities.

Sir Stuart Hampson, Chairman, The Crown Estate said: “Everyone who cares about the future of affordable housing in the capital should warmly welcome this news. Peabody homes have been at the heart of London for almost 150 years and their name is synonymous with responsible management, and safe, vibrant communities. We hope that residents and others take the time to understand Peabody’s proposals for the future management of these estates and let us know their views on the proposals.”

Stephen Howlett, Chief Executive of Peabody said: “I am delighted that Peabody has been selected and look forward to sharing with Crown Estate residents our vision for the future of these fantastic communities during the consultation. We are absolutely committed to keeping these properties affordable; the current Crown Estate commitment to housing key workers would not change if the sale goes ahead. That’s good news for residents and good news for London.”

A final decision on whether to proceed with a sale to Peabody will only be made after the Board has considered the feedback from the second consultation, which closes on 23 November 2010.

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