Enfield Council has confirmed that it has terminated discussions with Barratt regarding the proposed development agreement for Meridian Water in north London.
Meridian Water is a 210-acre, £3.5bn mixed-use scheme next to the Lee Valley Regional Park.
The housebuilder first entered into discussions for the 10,000-home development opportunity last year, however a deal has not been agreed.
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 today at the very latest, then a recommendation was to be presented to a cabinet meeting on Monday 30 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.”
In July this year the council secured a deal to own 64% of the development. It has housing zone funding from the GLA as well as permission for the first 725 homes at Willoughby Lane and are managing the construction enabling works on-site.
The spokesperson added: “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.”
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