Work will now start on the first phase of the scheme to deliver nearly 200 homes in the autumn.

Demolition of the existing buildings on site, including a former Tesco headquarters, will begin before the end of this year.

Inland Homes is the lead developer on the broader masterplan, which it is working with Broxbourne Borough Council to deliver. 

The Cheshunt Lakeside masterplan will create a new urban village comprising 1,725 homes, 19,000 sq m of commercial space and a new primary school. 

Under the terms of the Section 106 agreement, the development will provide more than £14m in planning contributions.

This includes the new primary school, affordable housing, contributions towards secondary schools and improved transport links, including a new road, bus route and upgrades to Cheshunt railway station.  

Stephen Wicks, Chief Executive, said: “With the terms agreed, we are now eager to start construction and transform this former industrial site from its somewhat decrepit state into a thriving residential and business community of which we can all be proud.”