Hackney Council has announced plans for a £200 million regeneration of the Nightingale Estate.
The former East London council housing estate will be given a new lease of life through the new residential scheme, with plans for the project now open to the public.
The council has now lodged proposals for 400 new homes on the derelict land which include social rent, shared ownership and private flats.
The scheme will be introduced as part of the wider estate regeneration project in Hackney, which will see almost 3,000 new homes constructed to replace old council ones that are uneconomical to repair.
Deputy Mayor of Hackney, Councillor Philip Glanville, commented: “Our ambitious regeneration programme will build thousands of new homes across Hackney to ease the capital’s housing crisis – with more than half of them genuinely affordable for local families.”
Cllr Glanville added that some of the money from the outright sales of the homes at the development would be used to pay for new council housing in other areas of the borough, with agent Knight Frank set to advise on the private sales.
Construction work is due to start in 2017 subject to planning permission, with a proposed completion date of 2020.
Meanwhile, the Yard Theatre has announced its intention to leave Hackney Wick and move into a new building.
The move comes as part of the wider development scheme of Queen’s yard, which is a creative hub that is also home to the Live Art Development Agency, a sustainable fashion company Everything in Colour and the UK’s first ever dedicated tank bar, the Howling Hops.
The theatre has gained a reputation for being the starting point for various works which have gone on to have a significant impact on the cultural scene.
Alexander Zeldin’s play about zero-hour contract workers, Beyond Caring, was performed at The Yard before moving to the National Theatre and a national tour, while Michaela Coel’s Chewing Gum began life there before it became an E4 series.