New £100m London development will boost community, says developer

Plans for the scheme were approved by Walthamstow Council despite opposition from the police, the Lee Valley Regional Park Authority and local councillors, who raised concerns about crime, disruption and the lack of provision of affordable housing.

In response to critics of the Banbury Park scheme Hadley's development director Andrew Southam said the development would "boost the community", according to local reports.

"The Banbury Park scheme will bring significant investment into the area, which will continue to reap the rewards of being a host Olympic borough and the investment and prestige that it brings," said Southam. "By working closely with the local council and the Greater London Assembly we achieved extensive environmental and community aspirations."

The proposed development includes a series of buildings ranging from two to five storeys that would include 344 new flats, retail and office space. The proposed scheme would also include 293 car parking spaces, 696 cycle spaces and a new linear park and associated landscaping.

Critics claim that the scheme constitutes an over-development of the area, especially in light of the recent approval of the Walthamstow Forest Stadium residential development.

It is "an appalling scheme" and would result in "a serious overdevelopment [which] won't benefit us all", said Alan Siggers, a local conservative councillor, according to local reports.

The offer of affordable housing from the developer has been decreased from 20% to 15% to make the project viable, but "the amenity and environment of the area would be sustainably improved with the introduction of a housing led mixed-use redevelopment", the Committee Report said.

"The loss of poor quality traditional industrial/employment land can be justified," the report said. "There is a demonstrated housing need and the range of new commercial and community uses would help to compensate for the loss of existing employment."

A previous planning appeal by the developer for 560 homes on the site was quashed by the Secretary of State, who refused permission last year.

"Hadley Property Group has successfully designed a scheme which embraces the latest sustainable standards, creating a selection of high-quality environmentally friendly homes that will offer a brand new destination that local people can be proud of, marking a new era for this part of the borough.”

Work is expected to begin on the development in the autumn, and is not scheduled for completion for several years.