The site will be regenerated by a consortium of developers, called the Regenter Myatts Field North Consortium, which has been chosen to implement plans to build 636 new homes, including 146 that would be made available for affordable housing, refurbish 172 homes, construct a new park and community facilities, new infrastructure and commercial units.
The regeneration scheme is aimed at making the estate more open and welcoming with a greener environment, said Lambeth Council.
The building consortium comprises project manager Regenter, Higgins Construction, Rydon Maintenance, pinnacle PSG and E.ON.
Of the housing, construction of 305 of the new homes would be to house existing residents of the residential blocks, which are planned to be demolished as part of the project. A further 146 of the homes are planned to be made available for affordable housing.
Construction of 357 new homes will be made available for sale on the open market, with 10% accommodating full wheelchair access. Other development proposals include the development of a large, landscaped park and purpose built community facilities.
“We are delighted to hear that the Lambeth Myatts Field North PFI Project has been approved by Government. This is a critically important scheme for the Council and local residents which will provide new and improved housing, open spaces and community facilities," said Jim Sanders, managing director of Regenter.
Plans for the housing estate also include the building of a new community centre and sports facilities, in addition to the refurbishment of commercial units and 172 existing homes. Plans also include the creation of a number of green spaces.
The plans propose a reduction in 80% of the housing estates' carbon emissions. A combined heat and power plant installed on the estate will provide heating and hot water to the entire development.
The Homes and Communities Agency is responsible for delivering the housing PFI programme and provides support to local authorities running PFI projects, whilst making recommendations to Communities and Local Government on the allocation of PFI credits.
