A run down housing estate will be given a new lease of life after a multi-million pound deal was agreed with a developer.

The distinctive coloured towers on the Alma estate in Ponders End will be demolished to make way for 800 new Enfield Borough Council-owned, private and shared ownership homes.

The council chose developer Countryside Properties to take on the £150million project.

Sitting adjacent to Ponders End train station, the site will also see new shops, community facilities and play areas.

Around a quarter of the new homes will be council-owned and a brand new 12-storey tower will replace the current multi-coloured blocks.

Councillor Ahmet Oykener, Enfield Council’s cabinet member for housing said: “This £150 million investment will revive this part of Enfield, providing first class affordable family homes and state of the art facilities.

“The appointment of Countryside Properties takes us a big step forward towards rebuilding the estate, creating a greener, safer and brighter neighbourhood.

“Our local community has a vital role to play in shaping the plans and we have written to our residents explaining how they can get involved. Now that a developer has been selected it won’t be too long before more progress is made.

“Our vision is to significantly improve Ponders End and strengthen the sense of community so that it becomes one of the most family friendly and desirable places to live in London. We’re well on the way to achieving that goal, and the redevelopment of the Alma Estate is a vital element to achieving our vision.”

Richard Cherry, Countryside Properties deputy chairman, said: “We are very excited about continuing our involvement in Enfield and working with our partners Enfield Council and Newlon Housing.

“We look forward to engaging and involving residents and the wider community to create a successful new development in Ponders End.”