Enfield Council has indicated that it will be looking to quickly procure development partners for the first three sites of its £6 billion Meridian Water scheme in Upper Edmonton, following the withdrawal of Pacific Century Premium Developments (PCPD).
The announcement on 10 July follows the council's concerns about the Hong Kong-based developer's proposed financial and commercial terms for the scheme, presented at a meeting on 26 June.
A series of reports will be submitted to cabinet later on 25 July to discuss the best way to speed up the delivery of homes, as well as prioritising local people when delivering homes and jobs.
Nesil Caliskan, the newly elected leader of Enfield Council, said: "Subject to cabinet approval, we no longer intend to work with a single master-developer for the entire regeneration area and instead will now quickly procure development partners for the first three development sites.
"These will deliver over 900 new homes, including around the new train station which opens next spring, and the first major employment site which will create nearly 1,000 jobs."
In the meantime, the council is progressing with its bid to secure £120 million from the government’s Housing Infrastructure Fund, in order to connect the whole development with the train station, as well as increasing train frequency.
Caliskan added: "Meridian Water has always been a huge opportunity to deliver a significant number of much-needed homes.
"I am determined to seize the opportunity to deliver homes and premises to benefit Enfield's residents and businesses first and foremost. We will speed up delivery. I look forward to making a further announcement following the forthcoming cabinet meeting."
PCPD is the second development partner to pull out of the Meridian Water project, eight months after winning the bid as replacement for Barratt Homes.
International law firm Trowers & Hamlins is to continue as main legal advisor to Enfield Council on its flagship £6bn Meridian Water…