The 10,000-home Edmonton regeneration project has faced a number of challenges in recent years, reports James Cracknell

Work is now underway on Meridian Two, part of Meridian Water's second phase — Work is now underway on Meridian Two, part of Meridian Water’s second phase

Enfield Council has confirmed that it has instructed an independent company to conduct a “comprehensive review” of its flagship housing project, Meridian Water.

Real estate services company Savills is currently reviewing the 10,000-home project’s financial viability, with a focus on its future phases, after Enfield Council admitted that it was “at risk” of being unable to generate enough cash to cover the cost of outstanding borrowing.

The Dispatch reported last month that as the council’s total debt was set to hit £1.5billion next year, with around one-third of this sum invested at Meridian Water, concerns had been raised internally about the project’s delays and spiralling costs.

In response the council has commissioned Savills to review Meridian Water, likely to ascertain if a less risky approach can be taken to reduce the £6billion scheme’s growing financial difficulties.

An update report due to be discussed by councillors on the civic centre’s housing and regeneration panel on Monday (23rd) states: “Savills have been commissioned to undertake a comprehensive review of the Meridian Water programme and will present a plan for consideration by cabinet in summer 2025.”

Asked to elaborate on this, a council spokesperson said: “Enfield Council remains absolutely committed to Meridian Water, which will bring 10,000 homes over 25 years, thousands of jobs and a lifetime of opportunities to the residents of Edmonton and more widely to the borough of Enfield.

“However, due to ongoing market factors, we are conducting a review of the project to ensure Meridian Water continues to deliver these positive benefits for Edmonton. We anticipate that the results of this review will be announced this summer.”

Since 2022, rising construction costs as well as new fire safety regulations have led to spiralling costs on the redevelopment, impacting the returns on investment that are predicted to be made.

The newly-published update report being discussed by councillors next week also reveals other unexpected delays associated with Meridian Water’s ongoing strategic infrastructure works that have added to the council’s costs.

It states: “Due to the large number of incidents encountered on site, including the uncovering of radium gas cannisters and the incorrect position of the canal wall boundary on the plan drawings, the legacy issues regarding the canal wall has resulted in the need to go back into planning for the SIW and bridge B1 redesign.”

There have also been legal issues, after illegally moored boats and unauthorised dwellings were discovered within the area being developed by Taylor Woodrow as part of the strategic infrastructure works. A number of people were taken to court in February to be removed, including a man said to be living in a shed. Under the terms of its contract with Taylor Woodrow, the council has been forced to pay compensation for the delays, which it says amounted to £61,000, despite earlier warnings it could rise to £400,000.

Asked to comment on the difficulties plaguing Meridian Water, Lee Chamberlain, the opposition Conservative group’s housing spokesperson, said the council’s 2018 decision to become the master developer for the site had badly backfired. “It hasn’t been a realistic approach and they have just borrowed the money without any real assurance,” he told the Dispatch.

“It was made clear by officers that it was a high-risk option – rather than getting developers in to do it properly. Clearly it has been beyond the grasp of the council.”

Council leader Ergin Erbil said: “Given that the project will take 25 years to complete, it’s important that it can adapt and change to reflect economic shifts, new funding opportunities, and the policies of the council. This project is one of the largest projects of its kind in London.

“Already, Meridian Water has provided hundreds of affordable homes, a new train station, a brand-new children’s playground and skate park, job opportunities, and many jobs. In the next few years, we’re excited to see new infrastructure completed, including two parks, new bridges, roads, footpaths, cycle routes, and the completion of Meridian Two, which will offer 274 new affordable homes.”

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