The comprehensive regeneration of the housing estate in Hackney will also see more than 3,000 new homes built and the project has the backing of the Mayor of London, Boris Johnson.
Parts of the Woodberry Down Estate, comprising 1,980 properties, date back to the 1940s and have been in need of improvement for many years.
Developer Berkeley Homes began to regenerate the estate in 2005 and has already built 862 new homes. A further 180 homes are currently under construction.
The Mayor of London has now given the green light for the next seven phases of the Woodberry Down Masterplan which gives Berkeley Homes full permission to demolish the estate's remaining blocks and replace them with an additional 3,242 new homes and 10,921 square metres of non residential floor space.
In total the Masterplan will deliver 4,284 homes. 2,214 of these properties will be affordable, a net gain of 776 properties. The remaining homes will be sold on the open market.
A range of new facilities will also be built including three new public parks, improvements to transport infrastructure, a community centre and library, a new Academy, an extended primary school, a new children's centre and retail and commercial space.
‘This is one of the biggest estate renewal schemes in the capital and will provide a boost to Hackney by delivering much needed new homes and infrastructure,’ said Stewart Murray, assistant director of planning at the Mayor of London's Office.
Genesis Housing Association will manage the affordable homes that are part of the scheme which was approved by Hackney Council in February 2014.
