The £6 billion Meridian Water project in the London Borough of Enfield, one of the largest urban developments in the UK, encountered issues in October. Barratt was selected as the preferred bidder 18 months ago but concerns arose about their proposals. The local council asked them to confirm their commitment to key elements of the project but the developer chose to withdraw instead.
Enfield Council released a statement following the withdrawal saying that they viewed Barratt’s proposals as a bad deal for local residents and businesses. They also clarified that they remain committed to the project and would continue working to support it. A retendering process will now begin to select a new development partner.
Pacific Century Premium Developments (PCPD), a Hong Kong based company, is expected to be a front runner for the role. They were shortlisted during the initial tendering process and obtained the position of reserve bidder.
The initial plan for Meridian Water was for work to begin in spring 2018 on the first phase of 725 homes, a new station, and infrastructure. This may now be delayed a little but it is still expected that the station will be ready by 2019.
Whatever happens with the retendering process, Meridian Water remains one of the largest regeneration works in the UK. Once finished, the project will have created 10,000 new homes, essential infrastructure such as the station, local amenities, commercial space, and countless new communities.
At Finefair we keep a close eye on regeneration works across the capital. As one of the leading names for property management Enfield has to offer we hope that Meridian Water makes good progress quickly and gets back on track. The project will transform the area and provide many fantastic investment opportunities.
If you have any questions about property management or living in Enfield in general, please contact our team.