A construction company has signed a £50million contract to redevelop Ponders End.

Lovell has joined forces with Enfield Borough Council for the electric quarter scheme, which is set to start in 2015.

The scheme is intended to provide 160 new homes for open market as well as 88 homes for affordable and intermediate rent.

There will also be focus on revitalising the Ponders End High Street by creating small shops and a new home for Ponders End library.

The scheme is named in honour of electric light bulb inventor Joseph Swan, who lived in Ponders End High Street.

Lovell will provide ten construction apprenticeships for budding trainees in the area.

Regional director Peter Taylor, said: “It is exciting to bring our expertise in delivering large-scale, complex urban regeneration programmes to this major mixed-use project for Ponders End.

"Delivering much-needed high-quality open market and affordable homes, alongside new retail, community and commercial space, the scheme will make an important contribution to the ongoing regeneration of the area.”

Councillor Alan Sitkin, Enfield Council’s cabinet member for economic development, added: “The signing of this agreement with Lovell marks an important step forward in the continuing regeneration of Ponders End High Street.

“This scheme will help to provide work and training for local people and will make Ponders End an even more attractive local shopping centre.”