Today we announce the completion of the acquisition of the long leases of 49 homes on Walthamstow’s Butterfields Estate. The vendor is the private company Butterfields E17; Glasspool Trust will remain the Freeholder of the Estate.
This announcement follows an agreement between Butterfields E17, the Greater London Authority, local Member of Parliament, Stella Creasy, and the London Borough of Waltham Forest over the future ownership of 49 properties, and how best to secure its residents’ immediate future on the Estate.
This acquisition further demonstrates our commitment to deliver 1,000 homes for rent by 2020. Each home will be targeted to working Londoners on low to middle incomes who are finding it increasingly difficult to find a quality home close to their workplace.
Jon Gooding, Chief Executive, comments:
I am pleased to confirm the completion of purchase of the leasehold interest in 49 homes in the Butterfields Estate. Our commitment and charitable objectives are to provide affordable rental homes to working Londoners who are becoming increasingly squeezed in a city where house prices and rents are becoming unattainable.
Whilst our focus remains on bringing homes to market for those who live or work in the City of Westminster, we have taken the decision to invest in the Butterfields Estate at open market value. This means that there will be no further evictions of tenants for at least the next 5 years, coupled with our commitment to ensure that no unrealistic rental increases are activated during this period – capped at 5% per annum
Stella Creasy MP, Labour and Co-operative, Walthamstow comments:
For the last ten months residents of the Butterfields Estate faced a very uncertain and frightening future following the threat of eviction following the decision of the previous landlord to sell their homes. Dolphin’s purchase of these properties and decision to become part of our Walthamstow community by becoming their new landlord offers a new start and stability for these families. It’s taken time to negotiate to get the right deal for them, but I know people across Walthamstow will be pleased to hear of this development and keen to welcome Dolphin to our borough
Completion of the acquisition takes place today, and we take over ownership of the Estate, which comprises 49 flats. Clarke Hillyer will continue to provide management services until 1st December 2016, ensuring service standards are maintained whilst also handing over to our own property managers.