The council said yesterday that discussions with Barratt to enter into a development agreement for Meridian Water next to Lee Valley had been terminated.
Barratt London was appointed by Enfield Council as master developer for the project in May 2016. Together they were going to build 10,000 homes in the north London suburb over a 20-year period.
The hyperbole surrounding the development has escalated over the years. When the masterplan was first unveild in 2012 it was a £1.3bn scheme. By May 2016 it was a £2.5bn development, according to the council, then a week later it was a £3.5bn. These days it is billed as a £6bn transformation.
However, Barratt has now walked after failing to agree terms with the council.
Barratt was picked form a shortlist of Berkeley Homes and Pacific Century Premium Develop/Willmott Dixon.
An Enfield Council spokesperson said: “Enfield Council can confirm that, if Barratt would not confirm its commitment to a number of key elements of its own bid by Wednesday 25th October at the very latest, then a recommendation was to be presented to a Cabinet meeting on Monday 30th October that its position as preferred development partner for Meridian Water be terminated.
"Ahead of this, Barratt has taken the decision to formally withdraw.
“Meridian Water remains one of the most exciting development opportunities anywhere in London but we were simply not prepared to sign up to what we considered to be a poor deal for the residents and businesses of Enfield.
“Enfield Council therefore informed Barratt that their proposed terms were unacceptable which has now led to discussions with them ending.
“We are immensely proud of the progress we have made at Meridian Water over the last 18 months as Enfield Council has taken direct control to ensure successful delivery.
“We already own two thirds of the developable site. We have Housing Zone funding secured from the GLA [Greater London Authority]. We have achieved a planning consent for the first 725 homes at Willoughby Lane and are managing the construction enabling works on-site. We have developed our ‘Meridian Works’ proposition with Europe’s largest open workshop for makers, creators and artists opening in 2018. And we have secured the delivery of a new rail station at Meridian Water which will open in 2019.
“With these fundamentals already in place we will now consider our next steps to secure at Meridian Water the delivery of high quality new homes, world-class public spaces and major new job opportunities for the people of Enfield and beyond.”