Mulalley will build around 490 new homes, a community centre, and more than 3,000 sq m of retail space under the regeneration plan.

The company is in partnership with the One Housing Group, which already manages more than 12,000 homes across London.

The joint venture beat off rivals bids from Barratt with L&Q and Higgins Construction with the Notting Hill Trust.

Planning applications are now being drawn up for the redevelopment, starting with the site of the former Sir John Lawrence pub, with a view to building work starting in 2012.

Enfield council said the development met its Core Strategy requirements of providing 60 per cent private and 40 per cent affordable housing.

Almost 100 new family sized dwellings will be provided.

Ahmet Oykener, cabinet member for housing at Enfield Council, said: ‘This development will provide new, sustainable housing for Enfield residents and will increase the supply of affordable housing in the borough, in particular increasing the supply of family-sized housing.’

It is hoped the first new homes will be ready for residents to move into in 2014.