News

26.07.18

Borough council to take control of £6bn Meridian Water development scheme

Enfield Council’s Cabinet will take control of the “accelerated delivery” of a development scheme worth £6bn and capable of providing 10,000 homes to the area.

The council had previously targeted a single developer for the entire Meridian Water project when it was first announced in 2011. However, following news earlier this month that Pacific Century Premium Developments (PCPD) had withdrawn negotiations to be the sole company behind the project, the council will themselves now set strategies and seek developers for separate sections of the development.

Development partners are now being sought for three major sites: the first two housing sites of the projects, delivering nearly 1,000 new homes, with procurement for the site around a planned new Meridian Water train station to begin immediately after the summer through the Greater London Authority’s London Development Panel.

The third partner sought is for a commercially-centred employment hub alongside the North Circular main road.

The sites will be offered on the basis of a Development Agreement rather than a sale of the land, allowing the council to retain control, for example to ensure the quality of design and build, and prioritise sales of new homes to local people first.

Cllr Nesil Caliskan, leader of Enfield Council, said the decisions marks “a watershed moment” in the delivery of Meridian Water.

Cllr Caliskan added: “Going forward we will be in control and we will be the custodians of the place Meridian Water will become; investing council money and resources to ensure that local people are the principle beneficiaries of the new homes and jobs that will be created.

“We will select development and other partners to work with the council to bring forward specific parts of the regeneration, whether that is for housing delivery, new employment spaces or meanwhile uses, and we will hold the vision for Meridian Water and oversee its delivery.”

The council leader added that the Cabinet is progressing their detailed business case for the Housing Infrastructure Fund which could see £120m of government funding to connect all parts of Meridian Water to the planned new train station.

“The Cabinet and I are absolutely determined to create a legacy to be proud of in the borough, whilst also delivering a return on the council’s investment, and I look forward to making further announcements as we rapidly secure real benefits from the Meridian Water regeneration,” he said.

The new Meridian Water Station will open in May 2019, unlocking the area for commuters, taking passengers south to Stratford London and London Liverpool Street and north to Stansted and Cambridge.

Deputy mayor for housing and residential development, James Murray, said: “Meridian Water is one of the most important regeneration projects in London, with the potential to provide thousands of affordable homes and job opportunities for local people. We are working, on behalf of the council, to secure government funding from the Housing Infrastructure Fund for Meridian Water, and with the new train station opening in May 2019, the future looks very promising.”

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Image credit: Meridian Water

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