The north London council will next month sign up the JV as longterm development partner on the 235-acre new town centre scheme.

The vast scheme will sit alongside Hammerson and Standard Life’s Investments redevelopment of the Brent Cross Shopping Centre.

The wider £4bn regeneration scheme will deliver a new town centre for Barnet and will be supported by a new Thameslink station on the site and major road improvements.

It already has outline planning permission as part of the wider Brent Cross Cricklewood development for 15m sq ft of development including 7,500 homes.

The council said it would keep second placed bidder Gateway Barnet – a JV of Far East Consortium, Countryside Properties, Notting Hill Housing Trust and Southern Grove – as reserve bidder.

Councillor Richard Cornelius, Leader of Barnet Council, said: “I have always said that this council had no intention to ‘take the money and run’.

“We are looking for a long term partner to work with the council to create a thriving town centre, making the most of the transformed shopping centre and getting the best deal for local residents.

“We want to create a real model for a 21 century suburb at Brent Cross – a neighbourhood not a dormitory.

“We will need a thriving modern high street that complements the shopping centre, a mix of housing and space for employment and education to produce a proper neighbourhood, busy and active throughout the day.”