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New Era estate sold to affordable housing provider

PUBLISHED: 16:22 19 December 2014 | UPDATED: 16:22 19 December 2014

Protesters demonstrate towards Downing Street against the house price rising in the New Era estate against the house price rising in the New Era estate

Protesters demonstrate towards Downing Street against the house price rising in the New Era estate against the house price rising in the New Era estate

Archant

US investors that bought the New Era estate earlier this year and planned to evict 93 households by potentially trebling rent just before Christmas have now sold the site to an affordable housing provider.

American company, Westbrook Partners, which bought the Hoxton estate in March, has transferred ownership to Dolphin Square Foundation, after the proposed hikes sparked national fury.

Hackney Mayor Jules Pipe, said: “This result is what we have been calling for from the outset, so we’re pleased that Westbrook has now done the right thing. I want to pay tribute to the tenants of New Era, who have run a tireless campaign to save the community they care so passionately about.

“Dolphin Square’s commitment to existing rents and tenancies until 2016 is welcome, and we will continue to seek assurances from them about their future plans for the estate.

“This news is very welcome for New Era, but there are thousands of private tenants in London suffering from escalating rents and insecure tenancies. This case highlights the urgent need to reform and regulate the sector.”

The previous owners of New Era had kept rents below market rates since the 1930s, when the estate had been established, resulting in a tight knit community.

Tenants campaigned against the hikes which could have meant monthly rent jumping from £800 to £2,400 for a two bedroom flat.

Their cause was supported by Hackney Council and high profile figures such as comedian Russell Brand who accompanied tenants and their supporters on two protests through London.


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