Work is expected to begin in autumn this year with completion of the first homes in 2018 as a result of funding through the Mayor’s Housing Zones initiative.

Deputy Mayor for Housing and Land, Richard Blakeway, said: “Housing Zones aim to free up empty brownfield sites for development by providing a funding boost and ensuring housing delivery takes place when it might never have happened.

“The Britannia Music site in Ilford is a classic example of how this works in practice.

“The Mayor’s investment has unlocked a site that has previously stalled since 2007, delivering much-needed homes which it’s hoped will trigger further development in the town centre.”

Danny Durkan, Executive Chairman of Durkan, said: “Durkan is delighted to have secured the first GLA loan facility allocated through the Mayor’s Housing Zone initiative.

“This exciting project located at Roden Street, Ilford, comprises of 354 units and commercial space and falls within the Ilford Town Centre Housing Zone designated by the GLA in May 2015. The tallest part of the development will be 23 storeys.

“The significant funding provided by the GLA has ensured that we are now able to provide the right level of investment to bring the scheme forward and the timing could not be better as not only will Ilford be benefiting from the pending arrival of Crossrail, the development will form an integral part of the town centre regeneration.

“We would also like to thank the London Borough of Redbridge whom we worked closely with on this project and whom were very supportive in the early proposals submitted to the GLA.”