Peabody, one of London's largest housing trusts, is launching and building private sale homes aimed at ordinary Londoners for the first time.
The Peabody sales and development teams are planning to deliver 1,000 new homes per year for the next three years, and are on target to supply the first 1,000 by March 2015. This will contribute to Boris Johnson's ambitious plans for the construction of 42,000 new homes in the city per year. This is a major delivery of new homes equivalent to delivery by a medium sized house builder and will be a huge boost to the chronic undersupply of new homes in the capital.
The new sales team will deliver over £500 million (gross development value) of new homes in London over the next three years. Priced at an average of £550-£600 per sq ft, it says the new developments are located in a range of desirable areas, such as Hackney, Greenwich, Southwark, North Kensington and Wandsworth. Many of them form part of wider regeneration plans.
Peabody says its aim is to invest in the urban fabric of London, providing award-winning, beautiful homes designed with longevity in mind. A proportion of these homes are available under government-backed shared ownership and Help to Buy schemes that put them within reach of those currently priced out of the housing market.
Founded in 1862 by American banker and philanthropist George Peabody to tackle poverty in London, Peabody provides homes for low income earners and key workers, owning and managing more than 27,000 homes, with 80,000 residents.
An ancient by-law restricts Peabody to building within a 30-mile radius of the George Peabody statue, located outside the Royal Exchange in the City of London, and there is now a Peabody estate or development in almost every London borough. The company is a not-for-profit organisation, which gives back to the local community through regeneration, community and charitable projects.
The Peltons development in Greenwich has proved popular with local London buyers, having sold more than half of the 26 units available so far. Peabody Sales is also launching new developments in Coopers Road in Southwark and Latimer Road (More West) in North Kensington, offering purchasers a chance to own a high-quality home in London with access to great transport links across the city.
The Peabody sales team recently launched two new developments; Coopers Road in Southwark and More West in North Kensington, offering a selection of one, two and three-bedroom apartments for private sale and shared ownership.
The new homes at Coopers Road are priced from £374,000, with construction set to complete in October 2014, and those at More West are priced from £399,950, with construction set to complete in November 2014.
Peabody has also announced the launch of Peabody's new website, www.peabodysales.co.uk, and private property sales service, both dedicated to delivering new homes for Londoners.
Jeremy Stibbe, executive director of development, regeneration and sales, said: We are delighted to announce the launch of the new private sales service at Peabody. Our team of highly-qualified property professionals will ensure that buying a home from us is a great experience from start to finish.
All profits generated from the private and shared ownership sales will go back into Peabody and be used to benefit local communities, charities and families, helping to further enhance people's quality of life.
Our developments are situated in up and coming areas of London, giving purchasers the opportunity to benefit from long-term capital growth and own an attractively designed property with high-quality internal and external specifications."
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