Enfield LBC has named Galliford Try Partnerships as its development partner for one of London’s largest regeneration schemes.
Galliford Try will build the first 725 homes at the £6bn Meridian Water scheme, which is being developed on 210 acres of former industrial estates on the River Lea.
Enfield originally sought a commercial master developer, but decided to take the role itself after it was unable to strike a satisfactory deal.
It will now oversee the project’s delivery, and select development and other partners to bring forward different parts of the regeneration.
The council has increased its ownership of the site from one-third to two-thirds, in part to give it the leverage to secure at least 50% affordable housing and to prevent the sale of homes to overseas speculators.
Galliford Try beat three other shortlisted bidders, social landlords L&Q and Peabody and housebuilder Redrow.
The first homes are due for completion by 2022, complemented by a new railway station, which is due to open next month and public squares, shops and leisure facilities.
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When complete in 20 years’ time Meridian Water is intended to have 10,000 homes and provide 6,000 jobs..
Council leader Nesil Caliskan (Lab) said: “When elected leader in May 2018, I committed that the council would get Meridian Water back on track. Within less than 12 months, we have done just that.
“This is the start of a bright new era for Meridian Water and we welcome Galliford Try Partnerships to the team.”
Stephen Teagle, the company’s chief executive, said: “We will create an environment for local people to thrive – providing quality affordable homes, opportunities for local start-up businesses to flourish, great public spaces and a design which celebrates the parkland character of the Lea Valley.”
Enfield is seeking a developer for Meridian Two, a development of 250 affordable homes with workspaces.