The August start follows Hackney Council’s approval for the Allies & Morrison-designed redevelopment, which will replace the ageing 1930s private rented estate with buildings ranging from three to 13 storeys.

The scheme will deliver 208 one, two and three-bedroom homes, more than doubling the number on the existing estate. Half the homes will be affordable, backed by funding from the Mayor of London’s Affordable Housing Programme.

A total of 99 homes will be offered for intermediate rent, with most let at 20% below London Living Rent levels in perpetuity, while the remaining 109 homes will be sold privately to help fund the regeneration.

The project will also create 384 sq m of flexible retail space, reinstate the estate’s traditional parade of shops and provide a landscaped central courtyard with shared and private outdoor space.

Dolphin Living bought the Hoxton estate in 2014 and introduced a means-tested rent system before concluding that a full redevelopment offered the best long-term solution.

The New Era Estate was originally built as a philanthropic housing scheme in the 1930s but had become outdated, with homes no longer meeting modern standards for size, layout and quality.

Construction is expected to complete by the end of 2029.