By means of a £42 million loan from the Mayor of London, the former HM Prison Holloway site has been purchased by housing association Peabody.
By 2022, working with developer London Square, Peabody must have started work on over 1,000 dwellings, 60% of which, need to be for social rent, shared ownership or London Living Rent.
The chief executive of Peabody, Brendan Sarsfield, said:
“We are committed to working with the London Borough of Islington and the GLA to deliver an exceptional new housing scheme on this historic site. We are pleased to confirm we will deliver 60 per cent level of genuinely affordable homes integrating existing Islington communities with a new Peabody estate. As well as providing new homes, we will also ensure social infrastructure and place-making are at the heart of our proposals.”
Mayor of London, Sadiq Khan, said:
“Our groundbreaking loan to Peabody means the majority of new homes on this site will be genuinely affordable – with around four in 10 of all new homes being for social rent. We’ve developed planning policies with the council that support this, and that also set out how the development should include public green space and a new centre for women.
This shows what is possible on public land. We’ve been able to do this even with the limited powers we currently have. Ministers now need to play their part and give us the step change in investment and powers over land we need to truly fix London’s housing crisis.”
The sale of the former prison site was welcomed by Islington council in a statement.
“The Holloway Prison site is one of enormous significance for Islington. Aside from its historic importance, the site also represents a once-in-a-generation opportunity to deliver a considerable amount of much-needed, genuinely affordable housing for local people.
We look forward to working collaboratively with the new owners to ensure the best possible outcomes for the community, including the delivery of desperately needed, genuinely affordable homes and vital social infrastructure, such as a women’s centre.”
Peabody is required to fully repay the loan.
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