Plans for what would become one of the UK’s largest regeneration projects have been put forward by Haringey Council in north London.
Designed to help improve the area and boost the local economy, proposals for the regeneration scheme include the planned delivery of thousands of new homes and jobs, as part of the wider renewal of what is currently one of London’s poorest areas.
The new scheme – the Haringey Development Vehicle (HDV) – will be a joint venture between the local authority and a private investor, named recently as developer Lendlease.
As part of the plans, a number of existing housing estates would be bulldozed and replaced with new accommodation and more mixed communities.
It is understood that the regeneration scheme in the north London borough, which is currently one of the most deprived authorities in the country, would see the HDV run as a private entity 50:50 partnership, which would be a joint venture between the local council and Lendlease.
As much as £4bn could be invested, with a view to delivering economic growth via new housing, town centre redevelopment and enhanced use of the borough’s commercial portfolio.
Haringey’s leader, Claire Kober, believes that the HDV is the best vehicle for delivering much needed new homes in the local area, while also boosting economic growth.
“We need to deliver more homes in this borough in order to play our part in addressing the unprecedented housing crisis that London faces and at the same time we are determined to grow our local economy,” she said.