LONDON--(BUSINESS WIRE)--Westbrook Partners announced that, effective today, it has sold the New Era Estate in Hackney to Dolphin Living, part of the Dolphin Square Foundation, an independent housing charity that provides high-quality, affordable rented accommodation to London residents.
Over the last several weeks, Westbrook has been working diligently alongside the Greater London Authority, local Member of Parliament, Meg Hillier, and the London Borough of Hackney to ensure the best future for the tenants of the New Era Estate.
Westbrook believes that Dolphin Living, a respected independent housing charity, will be ideally placed to secure the legacy of the Estate, and has agreed to fulfill the promises Westbrook made to the New Era tenants not to increase their rents in 2015.
Westbrook takes its responsibilities as a landlord very seriously and will continue to work alongside Dolphin Living and the current property manager to ensure a smooth transition.
NOTES TO EDITORS:
Background to the New Era Estate, Whitmore Road, London, N1 5QA
- The New Era Estate is a private housing estate built in the 1930s that comprises 96 flats and 12 small retail units (4,368 sq ft) on a 1.03 acre site in Hoxton, in the London Borough of Hackney.
- The Estate is built over ground and three upper floors. 90 of the flats are let on Assured Shorthold Tenancies (ASTs) ranging from £145 to £182 per week, considerably below market rents. Six flats are let on Regulated Tenancies protected under the Rent Act 1977 ranging from £112 to £155 per week. Although the Estate has not, and never has been, designated as social, municipal or affordable housing, it has historically provided below market rate housing.
Background to Westbrook Partners
- Founded in 1994, Westbrook Partners is a privately-owned, fully integrated real estate investment management company with offices across the United States, and in London, Paris and Tokyo, among others.
- Westbrook Partners’ professionals have been amongst the world’s most active and successful investors, having invested in over $45 billion of real estate transactions in major markets throughout the world.
- Westbrook Partners’ experience includes the operation and management of office, multi-family residential, hotel, retail, industrial and single-family residential development properties.
Background to Dolphin Square Foundation and Dolphin Living
- The Dolphin Square Foundation (“DSF”) is an independent charity which was established in 2005 with an endowment from the Dolphin Square Trust Limited, a tenants’ co-operative, following the sale of its leasehold interest in the residential estate, Dolphin Square, in Pimlico, Westminster. The endowment to date amounts to £124 million.
- The activities of the DSF are overseen by a board of independent governors who are responsible for ensuring the accountability of the executive management team, and that the DSF’s founding objects are met.
The founding objectives of DSF are to provide assistance in securing
accommodation in Westminster or elsewhere in Greater London for those
who are in housing need and who have need for such accommodation:
- By virtue of their employment in the public, voluntary or private sectors and who provide important social, economic, environmental, political services, and who cannot afford normal commercial rents; or
- More generally face poverty, deprivation, or disadvantage.
- The long term vision of DSF is to invest its endowment in a portfolio of projects that will generate sufficient operating surplus to allow the foundation to continue to develop affordable housing in Central London in the long-term.
- DSF, through Dolphin Living, aims to deliver much needed homes for an affordable rental price, year after year, without any form of state subsidy, setting a new standard in quality, design and environmental measures for affordable housing in London.
- DSF aims to deliver 1,000 new affordable rental homes by 2020 and has already completed developments including One Church Square Pimlico, and has projects underway at Trenchard House Soho, The Plimsoll Building, King’s Cross, Lanhill Road, Maida Hill and Newington Butts, Lambeth.
- The shorter term vision is to deliver 1,000 affordable rental homes in the capital by 2020.
- DSF is in no way related to Westbrook Dolphin Square Limited or Dolphin Square Limited, the groups which currently own and manage the Dolphin Square residential complex in Pimlico, Central London.