Trowers & Hamlins advises Peabody on £81.5m Holloway prison site project
Top 40 law firm Trowers & Hamlins has advised Peabody, one of the London's largest housing associations, on its plans to build 1,000 homes on the land at Holloway Prison site. The 10-acre north London site will also include a women’s centre, shops and play areas.
The project comes with backing from Mayor of London. Sadiq Khan as part of his London plan stated: “For too long, Londoners have rightly been fed up of seeing public land sold off to the highest bidder and then developed with little or no social or affordable housing. We have made sure the Holloway Prison site will be different."
Trowers led on all aspects of the transaction for Peabody, providing advice in relation to the corporate set up, project and property aspects, funding and construction.
The real estate team, led by Rebecca Wardle, advised on the acquisition structure and suite of documentation between The Secretary of State for Justice, Peabody Developments Limited and London Square Limited and banking & finance advice was provided by Eleanor James with regards to securing over £41 million of loan funding from the GLA to purchase the main prison site.
The project will see a minimum 60 per cent of the total number of homes built, classed as “genuinely affordable” – at social rent, for shared ownership or the mayor’s London living rent. Peabody will work with developer London Square on the project, which will begin in 2022 subject to planning permission and aim to finish by 2026.
Brendan Sarsfield, chief executive of Peabody, said:
“We are committed to working with LB Islington and the GLA to deliver an exceptional new housing scheme on this historic site. We are pleased to confirm we will deliver 60% 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 placemaking are at the heart of our proposals. We are pleased to be working with London Square which is a continuation of our longer-term relationship across a number of sites in London.”
Trowers' real estate partner, Rebecca Wardle who led the project said:
"At Trowers we are focussed on working with our clients to add value in the built environment. It is extremely rewarding for us to be involved with our longstanding client Peabody on a project that is going to create new homes and affordable housing that is very much needed. We are excited to see the how development progresses and its role in bringing about a positive impact on the housing crisis."
Rebecca and Eleanor were assisted by the wider Trowers team comprising Catherine Small and Chris Hourihan, Real Estate, Charles Morrish, Mark Pantry and Penny Puttick, Construction, Moad Giebaly and Matt Whelan, Corporate and Jane Kirkham and Nick Blair, Banking and Finance. Owen White, Goodwin Proctor and Fenwick Elliot acted for London Square. Pinsent Masons acted for the Secretary of State for Justice. Bryan Cave Leighton Paisner advised the GLA.