Tottenham Hale is set to be transformed with a large-scale regeneration project bringing hundreds of new homes, jobs, shops and leisure facilities to the area…
The developer behind the rebirth of King’s Cross has clinched a deal to regenerate Tottenham Hale, creating hundreds of new homes, jobs, shops and leisure facilities.
Haringey council’s cabinet committee was last night set to agree a partnership with Argent to create what the council hopes will be “London’s next great affordable neighbourhood of choice”.
As part of the deal the council will sell Argent a series of publicly owned sites, including Tottenham Hale bus station.
In the initial phase of the regeneration between 600 and 800 new homes will be created on those sites, and on the Ferry Island Retail Park which is already owned by Argent.
Work on the first 298 properties plus a new health centre is due to begin next year and the council hopes the first residents could move in as soon as 2018.
A spokesman for Argent said design work for the project would begin immediately, and Haringey has pledged to use the money it raises from the sale of its land to fund affordable homes for those priced off London’s property ladder.
“In three to five years you will not recognise this area,” said Sean Downey, a director of Cousins estate agents.
Tottenham Hale has been pencilled in as a new stop on the proposed £16 billion Crossrail 2 route from Wimbledon to New Southgate.
Downey, who has worked in the area for 30 years, said buyers have been gravitating towards Tottenham Hale for the last two or three years, priced out of areas like Hackney, Islington, and Stoke Newington, and paying around £500,000 for a three-bedroom Twenties or Thirties house, or £325,000-£350,000 for a modern two-bedroom flat.
“The problem with these areas always is that you get people moving in with disposable income to spend but they have nowhere to spend it,” said Downey. “That is all going to change. Our commercial department is already getting enquiries from people who made a lot of money in Shoreditch asking if there are any pubs going. They know it is the next big area.”
In later stages of the project the 22-acre Tottenham Hale Retail Park, owned by Argent’s business partner Hermes, is expected to be demolished and replaced with a town centre-style shopping centre.
Meanwhile Transport for London is also investing in Tottenham Hale and has already removed the area’s hated gyratory system. Its next task is to rebuild and enlarge Tottenham Hale underground station, which is on the Victoria line, in Zone 3, and build a new concourse and shops around it.
Network Rail is considering an upgrade of the West Anglia main line which would allow more frequent trains to stop at Tottenham Hale, improving commuter links to Liverpool Street. The journey already takes just 14 minutes.
In the longer term Tottenham Hale has been pencilled in as a new stop on the proposed £16 billion Crossrail 2 route from Wimbledon to New Southgate.
Boris Johnson, former mayor of London, earmarked Tottenham as an area ripe for house building, describing it as “brimming with opportunity”.