George Osborne has announced a £500 million pledge to help regenerate of riot-hit Tottenham in north London
The loan guarantee, featured in a package of measures announced by the chancellor’s in this week’s spending review, is designed to boost the economy by providing new infrastructure.
Local authority Haringey Council claims the announcement has given new confidence to plans for 10,000 new homes in the deprived area. Transport links cyould also benefit from a £90 million contribution towards upgrading South Tottenham Station.
Haringey Council leader Claire Kober said: ‘The £500million guarantee means we can now get on with the task of bringing up to 10,000 new high-quality homes and more than 5,000 new jobs to Tottenham with confidence, giving better opportunities to local people.
‘Better transport links are key to securing Tottenham’s future, and bringing our rail networks under the control of Transport for London will help secure improvements for our residents as well as the increasing number of people who want to make the area their home.’
Chelsfield boss Stuart Lipton called for ‘high-grade’ retail and higher density mixed-tenure housing in a major report looking at ways to regenerate the area following 2011’s riots.
The report – convened by the Mayor of London following last summer’s unprecedented riots – said the deprived district must have ‘architecturally ambitious’ developments by ‘skilled architects’ to improve.
Key projects include KSS’s £430 million redevelopment of Tottenham Hotpsur’s White Hart Lane Stadium, planned to complete in 2016 and the mixed-use redevelopment of the Cannon Rubber Factory, also by KSS, which won planning last month.