The future of almost 500 affordable homes across central London has been secured through the completion of a 150-year lease extension between Grosvenor and Peabody.

Grosvenor has let nine buildings across Mayfair and Belgravia as affordable homes to London’s largest housing association since the 1960s. 

The extension of the leases on these properties will also see Peabody invest over time in sustainability improvements including retrofit and energy efficiency measures. These will make the buildings more climate resilient and comfortable and help better manage energy costs.

The c700 residents in these buildings will see no change to their tenancy, landlord or rent setting. Following the transaction, all social and intermediate rented homes will be fully nominated through Westminster City Council’s lists, enhancing the council’s access to affordable homes for residents.

Commenting, Amelia Bright, Executive Director, London Estate, Grosvenor said, “The pandemic has only served to underline the value of diverse communities and this extension demonstrates our commitment to protecting the future of affordable housing in central London. 

“In addition to providing long term security for many people’s homes we are also delighted at Peabody’s commitment to reduce the buildings’ environmental impact through a programme of retrofit. This will have many benefits for resident wellbeing and our joint ambitions to reach net zero.”

Annemarie Fenlon, Peabody’s Managing Director for North West London added: “We’re really pleased to have secured the long term future of these historic affordable homes in the heart of London. We’ll be investing in energy efficiency measures and other improvements alongside our customers and I’m looking forward to continuing our partnership with Westminster City Council, Grosvenor and surrounding local communities.”