08 Mar 2019 | 10:38 am |
International law firm Pinsent Masons has advised the Ministry of Justice on the £81.5 million sale of HMP Holloway to Peabody Developments Limited and London Square Limited.
The sale and redevelopment of the prison is part of a Government initiative to modernise prisons across the country, improve rehabilitation, while creating the best and safest environment for those working and serving time in prison. HMP Holloway, which closed in 2016, is the first prison site to be transformed into housing.
Real estate partner at Pinsent Masons and lead lawyer on the deal, Kevin Boa, said: "This is a landmark housing project in London which demonstrates the value in rethinking the use of land in the capital as we seek to tackle the housing crisis.
"These homes, many of which will be affordable, will be in a prime location in an affluent part of the capital signalling a step change in attitudes to providing homes for everyone in the city - not just the wealthy. This shift is vital if we are genuinely going to boost housing in a way that is accessible."
The deal will see the ten acre site in Islington in London redeveloped to provide more than 1,000 new homes.
The team at Pinsent Masons was led by real estate partner, Kevin Boa and included property associate Laura Kennedy, planning partner Michael Pocock, banking partner Edward Sunderland and tax associate Andrew McCarthy.
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