Clarion Housing Group has received approval from the planning committee of London Borough of Merton to transform three estates in Merton at an investment of £1bn.
The group intends to deliver 2,800 new homes across three neighbourhoods – Eastfields and Ravensbury in Mitcham and High Path in Wimbledon, along with 9,000m2 of retail, leisure, office, work and community spaces.
All of Clarion’s existing residents will be re-housed in homes of an appropriate size to deal with existing overcrowding.
More than 200 of the new homes are earmarked for existing resident homeowners, allowing them a new home at no additional cost on a full freehold or leasehold basis.
An additional 1,800 homes will be built to rent and buy.
The approval is the result of close work between Clarion, Merton Council, the Greater London Authority (GLA), residents and the wider community over the years.
The project is expected to provide more than 700 constructions jobs per year; training and apprenticeship opportunities and community infrastructure payments of almost £30m, with £24.66m direct to Merton.
Clarion Housing Group director of regeneration Bob Beaumont said: “The benefits this regeneration will bring are far-reaching and possible due to Clarion’s extensive capacity and expertise.”
Merton Cabinet member for regeneration, environment and housing Councillor Martin Whelton said: “The £1.2bn regeneration of High Path, Ravensbury and Eastfields will provide huge benefits to the residents there and to the wider community in Merton by bringing much needed new housing to these areas, improving the local environment and creating jobs.
“I am pleased to see that Clarion’s proposals have all been designed in consultation with existing residents. As a Council, we are determined to work with housing providers to build more homes, whilst at the same time providing wider benefits without comprising the rights and needs of existing residents.”
The regeneration of the three estates will benefit from £15m of grant funding through the GLA’s Homes for Londoners 2016-2021 programme.
Two sites were previously approved at Ravensbury and at High Path and work on the first new homes on these will begin later in 2018.