The regeneration project covers 32 acres and includes the delivery of approximately 2,000 new homes. The new units will consist of a mix of affordable housing, rental and private sale apartments.
Plans for the project also include new retail space, a library, a leisure centre, office space, improved connectivity with the surrounding area, a new park and significant public realm works.
In a statement Wandsworth Council said: "A range of employment, skills training, mentoring, health and youth support initiatives are also being focussed on these two neighbouring estates to help the community prosper and take full advantage of the new opportunities the regeneration scheme offers."
The project will see the redevelopment of old and "outdated council homes" and current council tenants and owner occupiers are being offered the opportunity to remain within the new development upon completion.
Ravi Govindia, leader of Wandsworth Council, said: “Our ambitions are to deliver more than 2,000 high quality new homes in the heart of Battersea and to completely renew the estates’ environment, services and community facilities.
“Hundreds of local people will be offered vastly improved homes which meet today’s needs and help their families to thrive. Our plans have the potential to dramatically improve the quality of life across this neighbourhood and we want to find a partner that will put our residents’ interests and needs at the heart of their approach,” Govindia said.
The joint venture partner will be selected following an OJEU public procurement process which commenced on 11 January. This process follows a three year consultation with the community on how to improve and develop the area.
Planning expert Victoria Lindsay of Pinsent Masons, the law firm behind Out-Law.com said: "This is a significant urban regeneration project in London at the moment with proposals for over 2,000 new homes near Clapham Junction. The JV partner procurement process is being managed by Bilfinger GVA on behalf of Wandsworth Council."
"It has been confirmed that residents' rights will be protected so that residents in blocks which are set to be replaced are being offered new homes in the development so that they can benefit from the regenerated area," said Lindsay.