Lambeth Borough Council has approved a £114m private finance initiative-funded regeneration scheme in Brixton.

Yesterday, the council’s planning team gave the green light to the PFI scheme at Myatt’s Field North housing estate.

The project involves the demolition and rebuilding of 305 homes, the  building of an extra 141 affordable homes, a new park and community facilities. It will be delivered and managed over a 30 year period the Regenter Myatt’s Field North Consortium, which comprises Regenter, Higgins Construction, Equipe Regeneration, Pinnacle PSG and Scottish and Southern Energy.

Lambeth Council executive director of housing and regeneration Dorian Leatham said: “This is a unique and exciting project that has received lots of support from the people living on the estate and we have worked closely with residents over a number of years to develop plans to improve the area.

“This scheme will set the standard for sustainable community housing and will provide facilities that are good for current and future residents and good for the environment too.”

The application will now be referred to the Greater London Authority for approval. Construction is due to start in early 2011.

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