A council-led redevelopment scheme that could provide 150 homes has been given a £40 million boost.

The funding will progress plans to develop land at Upton Road and Raynham Road in Edmonton, which are expected to provide 90 homes at London Affordable Rent and 60 for private sale.

It is hoped a planning application will be submitted for the scheme by next year at the latest, according to a council report. The original proposals for the redevelopment date back to 2015.

Members of Enfield’s cabinet agreed the £40.35 million development budget at a meeting on Wednesday.

Council leader Cllr Nesil Caliskan (Labour, Jubilee) said the scheme would “deliver 90 much-needed, affordable rented homes and revitalise the existing area”, as well as providing two commercial units. She added that ten per cent of the homes would be wheelchair accessible.

The leader said that with limited grant funding available from the Government, the money raised from private sales would be used to fund social housing.

Cabinet member for social housing Cllr Gina Needs (Labour, Turkey Street) asked how the council would ensure local people benefitted from the scheme and why there had been a reduction in the number of planned homes from the 174 outlined in a previous report.

Cllr Caliskan said local people would be given “first choice on the new homes”, adding residents of nearby Scott House who are on the housing waiting list would be given “priority for any new affordable homes”, while homes for sale “will be marketed exclusively to local residents for a fixed period”.

The regeneration team had looked at the site further and concluded the appropriate number of units would be 150, the leader explained.

Cllr Caliskan said: “The development is in line with the council’s ambitions to deliver more homes and demonstrates to residents of Edmonton that the council is investing in the area and much-needed new homes.

“The construction of the development itself will provide jobs for local people, support local businesses and create public realm.”

The funding was unanimously agreed by cabinet members.