Berkeley’s St. James Group is set to redevelop a derelict site in Hornsey, North-East London, building hundreds of homes and a supermarket.
The proposal for the unused land, owned by Sainsbury’s, was approved last week by Haringey Council Cabinet.
The deal, will see the land, behind Hornsey High Street, turned into a housing site with almost 50 per cent affordable dwellings.
Cash generated from the sale will be ploughed into further regeneration projects.
St. James Group are set to begin work on site by April 2014.
The site is presently occupied by the former Hornsey Coroners Court, as well as disused warehouses and an old council vehicle depot.
The development, which is still subject to planning permission, was described by cabinet member for finance Joe Goldberg as “central to Haringey Council’s long-term ambitions for the regeneration of Hornsey.”
“This deal will bring much needed affordable homes; create new jobs for local people, and transform the appearance of Hornsey High Street.
“By working in partnership with Sainsbury’s to sell the land, we’ve been able to secure a better deal for local taxpayers and guaranteed that more money will be available to spend on other important regeneration projects across the borough.”