Barnet Council has announced a series of new measures to support the regeneration of Colindale in the west of the borough.
The council hopes the regeneration of Colindale will see 10,000 new homes built in the area over the next 15 years. The area is one of Barnet`s priority regeneration areas.
The Barnet Council total investment of up to £10m, which will be matched by Genesis Homes and the Homes & Communities Agency, will be split between improving the public realm in Colindale and underwriting 400 new homes in the next phase of the redevelopment of Grahame Park.
Public realm improvements will support development along Colindale Avenue and Grahame Park Way, by widening and redesigning part of Colindale Avenue to improve the pedestrian route through Grahame Park Way, down to Colindale Tube Station.
A land swap is proposed with Barnet College, making land available for a potential new primary school and building a new college building and public library within the development at Lanacre Avenue.
Councillor Richard Cornelius, Leader of the council said: “This council is determined to keep the rebuilding of this estate on track. Completion of this phase will make the area more attractive and help the private sector sell other new properties in Colindale.
“We can help get people on the housing ladder by using the council’s borrowing power to give impetus to the scheme whilst retaining the security of bricks and mortar to secure the reimbursement of tax payers money. The council will also make a return on the investment and boost the local job market.”