Redbridge Council has chosen a preferred private developer for a joint venture to build hundreds of new homes and regenerate the Ilford gyratory system.

The developer, whose identity has not yet been revealed, would enter a 50:50 partnership with the council to build 860 flats and 4,600sqm of commercial space.

A masterplan for the scheme, named Ilford Western Gateway, pictures a “world class liveable and sustainable neighbourhood” around a new square and “community campus” on the gyratory island.

If approved, at least eight residential buildings up to sixteen stories tall would be built in three phases, starting with land at the corner of Ilford Hill and Cranbrook Road, followed by Ilford Chambers on Chapel Road and finishing with the gyratory island.

On September 6, Redbridge’s cabinet agreed leader Jas Athwal and corporate director of regeneration and culture Mark Baigent will negotiate the finer details of the joint venture partnership before final approval at a future meeting.

Cllr Athwal said the regeneration plan has been “a long time coming”.

He added: “I have some reservations but, when seeking a partner, I think the council has aspirations of controlling and delivering what is good for this particular area.

“This is the largest project the council will do and the most ambitious and will deliver a very long-term legacy of social, economic and legacy benefits."

After the council’s joint venture strategy was first approved in January 2021, 31 developers attended a launch and completed a questionnaire that tested their suitability for a partnership.

But according to the council’s report, only one “preferred bidder” was invited to submit a final tender after two of the three shortlisted firms dropped out earlier this year.

Once a contract is agreed with the developer, a limited company will be formed that is managed by an evenly-split board of six members from the council and developer.

Although not part of the joint venture, the council sees scrapping the one-way gyratory system as “crucial” to improving the area and “increasing developable land”.

Concept plans approved in 2019 would make the gyratory two-way, with only buses and cyclists allowed to use the section of Ilford Hill outside the station.

To help fund the town centre improvements, Redbridge recently announced a £20million bid for the second round of the government’s £4bn Levelling Up Fund.

This includes increased lighting, “pedestrian comfort levels”, segregated cycle lanes and “substantial greening” in the area between Ilford station, the gyratory and the junction under the A406 flyover.