Civic centre leaders previously pledged to avoid marketing new homes at the council-led regeneration site to landlords and overseas buyers, reports James Cracknell

Enfield Council has defended the marketing of new homes at Meridian Water to buy-to-let landlords – including overseas.

A sales brochure seen by the Dispatch is headed “Secure your next investment with Meridian One” and details how the council-led Edmonton regeneration site is a “premier destination” that “represents an exceptional opportunity to deliver remarkable growth and returns”.

When councillors on a scrutiny panel raised fears over buy-to-let landlords buying homes at Meridian Water six years ago, then-council leader Nesil Caliskan and then-programme director Peter George responded with a letter which stated: “With the council now in control of the project as master developer since July 2018 and the direction taken since, the reality is the risk associated with private investors and overseas buyers has been significantly diminished.

“With the council now acting as master developer, we can ensure that private homes will instead be sold to first buyers and UK nationals.”

Speaking to the Dispatch for the paper’s first-ever issue in October 2018, Caliskan also explained that a previous deal with a potential master developer for Meridian Water had been ditched because she didn’t want new homes at the site marketed overseas.

Caliskan said at the time: “[Potential master developer] PCPD made a presentation and it became obvious there would be overseas sales. When I asked about it, they said new homes would be marketed in Enfield for the first month, nationally for the second month, and after that the whole world.

“It was unacceptable.”

Last month, the council’s ruling Labour administration decided to effectively end its role as master developer amid mounting costs and delays. The decision was prompted by a “comprehensive review” of Meridian Water’s viability.

Out of a target of 10,000 homes, just 301 homes have been completed so far. Construction work on the first new homes began almost five years ago, while planning and preparation work began well over a decade ago.

February’s decision means large swathes of the Edmonton site will now be packaged up and sold off to developers, giving the council far less control over how the scheme develops in future, but also reducing its exposure to financial risk – with nearly £500million of debt needing to be repaid.

Responding to questions from the Dispatch over the marketing of new homes to investors, a council spokesperson said: “Our priority continues to be local homes for local people. More than 90% of the homes built so far at Meridian Water are affordable, including many council homes.

“Alongside this, we are ensuring Meridian Water becomes a mixed neighbourhood with council, affordable and private homes.

“Over the years, major projects across the country have faced significant challenges due to the economic downturn, the housing crisis and sustained cuts to public funding under previous governments.

“Many like-for-like projects elsewhere have stalled or collapsed entirely. The only way we have been able to keep Meridian Water moving forward through protecting jobs, investment and delivery has been by remaining flexible and responsive to changing market conditions.

“At every stage, we have been clear that local people are the priority. Local homes for local people remains our guiding principle. In fact, many Enfield residents have already moved into brand new council and affordable homes at Meridian Water, directly benefiting from the project.

“Through the contracts we have in place, private sale homes must be marketed for the first three months to people who live in Enfield. After that, the homes can only be marketed within the UK for the following twelve months. The council does not encourage speculative investment and remains committed to maintaining a balanced and sustainable community.”

The long-awaited independent report into Meridian Water’s viability, conducted by real estate experts Savills and published for the first time last month, warned of “nervousness from some residential developers” and low demand caused by “poor public realm” around Meridian Water Station and “very few amenities to draw people in”.

Even with the marketing push for buy-to-let investors, and evidence that landlords have been buying homes there, some of the first Meridian Water flats for private sale still remain unsold – more than three years after first going on sale.

A spokesperson for campaign group Better Homes Enfield said: “Too often, new-build flats in London are sold to investors, pushing up prices and shutting out first-time buyers. Enfield Council said Meridian Water would be different, and that homes would not be marketed to investors. That commitment has now been broken.

“As master developer, the council has real leverage over how homes are brought to market, so it is deeply disappointing to see homes being sold to investors instead of helping local people get a foot on the ladder.”

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