The new project will include a new park, hotel and affordable workspace in the latest stage of the Wembley City regeneration, covering a 14-acre swathe of north London being developed by Quintain Estates & Developement.
A blueprint will be followed by a planning application later this year. Quintain say its “new neighbourhood”, will come with a shopping street and student digs.
More than 520 homes have already been completed at Wembley City, and by 2013 a Hilton hotel, cinema and designer shopping centre will be up and running. It is believed that future homes will be released in 2014.
The Wembley plans (see yourwembley.com) come as another key regeneration scheme - the long-awaited £1.5 billion redevelopment of Elephant and Castle in south London - also takes a step forward. After a decade of delays Southwark council and developer Lend Lease have agreed a timetable for demolishing the ugly Seventies Heygate Estate - location for the Michael Caine movie Harry Brown. The developer will build 2,500 new homes over the next 15 years and will start demolition in October 2010.
Peter Rollings, managing director of Marsh & Parsons estate agents, said both areas could make good long-term investments, so long as the quality of the new housing and facilities is high. “If you invest in a run-down area which becomes a lot more pleasant, then prices will lift, as night follows day,” he said.
The Southwark project also involves demolition of the grubby Elephant and Castle Shopping Centre. Between 25 per cent and 35 per cent of houses on the new site will be affordable. Dan Labbad, boss of Lend Lease, said: “The chance to provide a new focal point for south London is a responsibility we take extremely seriously.”