Bilfinger GVA has been instructed to advise on the sale of Holloway Prison, N7, paving the way for development.
The sale of Holloway Prison forms part of the Ministry of Justice’s strategy to sell off some of the UK’s Victorian prisons and replace them with nine new prisons with better facilities.
Previous reports suggested 5,000 homes could be accommodated on the site but EGi research suggested closer to 500.
Could 5,000 homes be built at Holloway Prison? Data Analysis>>
The formal sales process has not yet been launched. However, it is estimated the prison could be marketed for in excess of £200m.
A spokesman for the Ministry of Justice said: “We have reached an agreement with an agent for the sale of the HMP Holloway site. We will work to get the best possible value for the taxpayer.”
HMP Reading is the only other prison the MoJ has confirmed will close. However, it is understood advisers have yet to be instructed on its sale.
From November 2015: Prison sell-off creates £3bn opportunity >>
Further high-security jails which could be sold off for housing developments include Pentonville, Wandsworth, Brixton and Wormwood Scrubs.
Click on the interactive map below to see the GDV of each site.
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