The Enquirer tipped Rydon last month for the revamp of the Bacton Low Rise estate.

The London Borough of Camden has now rubber-stamped the deal for the first stage of a two stage tender process that will culminate in a fixed price being submitted in January 2014.

The £50m redevelopment involves the full demolition of the estate, making way for 290 new homes comprising 176 for private sale, 104 for affordable rent and 10 for shared ownership.

Other improvements include a new and altered public realm, landscaping, vehicular and pedestrian links as well as three new retail units.

Main construction work will start at the end of 2013 and will be staged across three phases. The project is due for completion at the end of 2017.

Mark Mitchener, Managing Director of Rydon Construction said: “Our appointment to Bacton reflects Rydon’s reputation in the consultation, design and delivery of first class community regeneration.

“Local residents have put an enormous amount of effort into the plans so it is particularly pleasing to be able to bring their vision to life, as well as delivering wider employment and training opportunities to the area over the coming years.”

Cabinet Member for Housing Cllr Julian Fulbrook said, “This is a huge step in the regeneration of Gospel Oak, as this is the first time we have been able to build new council homes for rent for nearly 20 years.”