Cautious welcome from Cumberland Market tenants as Crown Estate prepares to sell its homes to Peabody social housing group

Published: 15 October 2010
by DAN CARRIER

TENANTS on the Cumberland Market estate were consulting lawyers on Wednesday night over the terms offered by landlords, the Crown Estate, and potential new owners, the social housing charity the Peabody Trust.

More than 500 households on the estate in Regent’s Park were told this week by letter that despite their ongoing campaign to halt the sale of their homes that their landlords were pushing through the sale.

But while the tenants had feared the Crown Estate, which has run the homes for 90 years and manages more than £6billion worth of land once taken by the Monarchy over the centuries, would sell them to the highest bidder, they say they are not breathing a sigh of relief until their lawyers have studied the details of the deal.

Residents Association chairman Steve Smith said that while the decision was a partial vic­tory, no one would be breaking open the champagne until they had seen the small print.

According to an article in the Financial Times this week, Britain’s largest listed private landlords, Grainger, were hovering, as were Jersey-registered entrepreneur company Max Property, run by tycoons Nick Leslau and Mike Brown. 

Unconfirmed reports suggest that the Crown’s four estates across London were being offered for around £250m – a figure the Crown would neither confirm nor deny.

According to other reports, the final sale price will now be around £150m because the Crown will attempt to legally hold the Peabody to keeping the same system of affordable rents.

The Crown Estates Head of Central London & Diversification Portfolios James Cooksey told the West End Extra the deal with Peabody would ensure households’ rents would be safeguarded. 

He said: “They have a great track record and manage 17,500 homes in total. They have good experience, and a good record on repairs and good relationships with nominating bodies, and the way they liaise with residents. 

“They have an 

ethos that is similar 

to the Crown Estate.”

He added that now a six-week consultation would take place to gauge the views of tenants. 

Mr Cooksey added that while they had been accused of not listening previously – tenants consulted on the sale were unanimous that they wanted to stay tenants of the Crown – this had proved they did ­listen.

He said: “We have been through a detailed consultation and have had lots of feedback. 

“We listened to it and the board decided if the sale took place there would be a number of con­ditions. 

“The rental framework and for existing properties would be safe. Security of tenure would continue.”

Mr Cooksey added that nine out of 10 homes would continue to be offered to key workers at affordable rents.

Regent’s Park Labour ward councillor Tulip Siddiq said it was a ­victory for tenants. 

She said: “The way the tenants have been treated over the past few months has been disgusting, so bravo to them for fighting off speculative buyers who were lurking around their homes, but they still need to have a discussion about what the implications of the sale are. Peabody have a long-term commitment to social housing, which is encouraging, but we have to wait and see exactly what the terms are.”

Lib Dem councillor Chris Naylor said: “I still oppose the sale, but if it’s going to happen, Peabody is a great choice and I think residents can be reassured.”