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Enfield Council completed the purchase of the 2.1-acre VOSA site, giving the council control of almost half of the Meridian Water developable area.
The regeneration program at Meridian Water will create 10,000 new homes and 6,700 new jobs, and has a gross development value of £6B. It is next door to parkland and sports facilities at the Lee Valley Regional Park. Two water sources — the River Lea and the Pymmes Brook — pass through the site, providing the opportunity for waterside living and working in a canal-side environment.
The Enfield Council is overseeing the infrastructure investment, and will be directing retail strategy.
Councillor Doug Taylor, leader of Enfield Council, said the development will transform the area, attracting thousands of jobs alongside new homes and beautiful public spaces connected to a new railway station that will open in 2019.
The redundant vehicle testing site, known as VOSA, was acquired from the Secretary of State for Communities and Local Government, acting for the Driver and Vehicle Standards Agency.
The total Meridian Water regeneration area covers 210 acres, but this includes the rail lines, roads, waterways, and the existing Tesco and IKEA stores. The council is buying land now, rather than waiting for values to rise. As a result of the strategy, the Council now owns 47% of the site, or 55 of the 118 developable acres.
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