Housing association says average rent on scheme will be £150 a week
Peabody has completed nearly 100 homes in north London, 64 of which will be for social rent.
The £50m development, designed by architects Pollard Thomas Edwards (PTE), features a mix of one- and two-bedroom flats and family houses and is located on the basin of Regent’s Canal in the capital.
Peabody said the average rent being charged across the 98 homes – more than 80% of which are deemed to be “genuinely affordable” – would be £150 a week.
The housing association said it was currently consulting with local people on a development pipeline of more than 2,000 homes to be built across the borough.
Nearly half of these – 60% of which are expected to be affordable – will be built on the site of Holloway Prison, which Peabody bought earlier this year.
Speaking about the Regent’s Canal scheme, Peabody’s development director Dick Mortimer said the partnership between his group, Islington council and the Canal & River Trust had “transformed a disused site that was to be disposed of into a new development of 98 much-needed homes”.
PTE’s Teresa Borsuk said the scheme was designed to repeat the pattern of warehouses and wharves that at one time would have stood on the waterfront.
Local MP and shadow foreign secretary Emily Thornberry welcomed the decision to develop so many homes for social rent.
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