Half the homes will be offered at affordable rent, with the entire development owned and managed by the council.

The scheme, designed with sustainability in mind, will rise on a council-owned car park and still retain some parking for town centre visitors and station access.

It’s the first time Barnet has teamed up with an institutional investor of Aviva’s scale. Aviva Capital Partners is backing the project alongside developer Stories.

Construction is expected to start in 2026, with completion by 2028.

Councillor Ross Houston, deputy leader and cabinet member for homes and regeneration, said the deal shows how the council can “use council land to directly benefit residents.”

Richard Meier, CEO of Stories, said: “Bunns Lane is more than a housing development – it’s a model for what public-private collaboration can achieve when values and long-term outcomes lead the brief. We’re proud to work with Aviva Capital Partners and Barnet Council to set a new bar for what equitable development in London can look like.”