A Chinese developer is set for the lead role on a £6bn regeneration scheme in Enfield, north London, after the council agreed to open discussions with the firm.
Pacific Century Premium Developments (PCPD) had been named reserve bidder for the 10,000-home Meridian Water scheme, when Barratt was chosen as preferred partner 18 months ago.
But Enfield Council terminated Barratt’s role on the project last month after the pair could not agree terms on the deal.
Councillors voted in a meeting earlier this week to open negotiations with PCPD.
A spokesperson from Enfield Council said: "The Enfield Cabinet agreed on Monday 30 October that Enfield Council would approach the reserve bidder Pacific Century Premium Development to begin preliminary talks on Meridian Water.Â
"Any options for how the delivery of Meridian Water can be taken forward will be carefully assessed to ensure they best meet the interests of the people of Enfield and will be taken back to Cabinet for final decision.Â
"Enfield Council has made significant progress at Meridian Water over the last 18 months and now own two thirds of the developable site. We have Housing Zone funding secured from the GLA. We have achieved a planning consent for the first 725 homes at Willoughby Lane and are managing the construction enabling works on site.
"Meridian Works, Europe’s largest open workshop for makers, creators and artists, will open next year and the new Meridian Water train station will open in 2019.
"With these fundamentals already in place we are committed to securing 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."
PCPD is headquartered in Hong Kong, and operates through the Asian-Pacific region, investing mainly in infrastructure and development projects. Recent schemes include the M1 building in Tokyo and the Bel-Air development in Hong Kong.