Published: 8th Mar 2019

600 social rented and other ‘genuinely affordable’ homes will be built on the former Holloway Prison in London, after housing association Peabody bought the site for £80m. The deal involves a £42m loan from the Mayor’s Land Fund, which has enabled Peabody to buy the site from the Ministry of Justice. The terms of the sale dictate that Peabody, working in partnership with private developer London Square, must start work by 2022 on over 1,000 homes, of which at least 70% must be social rented and other genuinely affordable homes. The remaining 30% will either be sold through shared ownership schemes or rented in line with the London Living Rent. New Start reported on developments in March 2018, when the local community were fighting a bitter battle with the Mayor to ensure the site would not be sold off to developers who would build expensive accommodation rather than affordable housing. The piece concluded … (To read the full article, subscribe below)