Enfield Council’s decision not to work with a single master developer on Meridian Water will lead to a better deal for residents, the council leader has said.

Cllr Nesil Caliskan said the terms being offered by development company PCPD were not acceptable to the council and could have led to a large number of properties being marketed to overseas investors.

The council will instead work with several smaller developers to ensure the £6 billion regeneration project meets the needs of people in the borough.

Cllr Caliskan said the “fundamental shift” in strategy will speed up work on the scheme, which will provide 10,000 homes over the next 20 years.

She said: “There are only a handful of big companies that can be master developers. They have a monopoly on the market.

“Moving to a new approach makes it less complicated, and there are many more construction companies confident enough to build.

“We can work with them to come up with a viable bid that delivers for local people.”

Hong Kong-based PCPD was in negotiations to become master developer for Meridian Water after Barratt Homes pulled out of the scheme last year.

But PCPD told Enfield Council it was pulling out of the project earlier this month.

The council will instead use the Greater London Authority’s London Development Panel to identify new partners for the project.

It has pledged to bring forward development work on three sites that will provide around 1,000 new homes and 300,000 sq ft of office space.

One of the sites earmarked for construction will provide 100 per cent affordable housing.

The council is also bidding for £120 million of funding from central government to provide transport links throughout the site.

Work on a Meridian Water railway station has already begun, and the extra money will also boost the number of train services to and from the site.

Cabinet members last night (Wednesday, July 25) approved three reports setting out the council’s new strategy.

Cllr Caliskan said: “The Meridian Water development is about increasing housing supply, but it is also about reducing inequality in the borough.

“Over the border in Edmonton, there are some of the most deprived wards in the country. Unlocking the potential of Meridian Water will help us to deal with those issues. Housing is key to reducing inequality.”