The Brookfield Riverside development, in Cheshunt, is set to create a new town centre. Plans include up to 315,000 sq ft of retail, 250,000 sq ft of leisure, restaurants and a cinema.
This will be complemented by, 160,000 sq ft of offices including a new civic hub. The residential component of the development includes provisions for approximately 250 homes and 100 assisted living units, a 2,000-space car park and major public realm improvements.
The project is expected to support 2,000 jobs during construction and 2,500 new jobs after its development.
Meanwhile, planning approval has also been granted for a new garden village. The scheme includes 1,250 new homes, neighbourhood facilities, a three form entry primary school and possibly a ‘blue light’ hub for police, fire and ambulance services.
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This will be accompanied by more than 14km of new walking and cycling routes across the whole development, as well as bus services to connect the site to other parts of the Borough and beyond.
Both projects are targeting an increase in biodiversity of 10% with more than 15,000 trees set to be planted.
Commenting on the plans, Councillor Lewis Cocking, Leader of Borough of Broxbourne said: "I am delighted that the Brookfield Riverside and Garden Village developments have been given planning approval after several decades of planning. This is testament to the hard work of all those involved in shaping the proposals to maximise the social and economic benefits to those that live in the Borough."
"The developments will create much-needed housing and affordable homes, a variety of leisure and retail facilities, including a new cinema and up to 2,500 permanent new jobs. This will not only be good for the local economy, but will also have environmental benefits; the new town centre will be fully integrated with the public transport, cycling and walking networks and local people will no longer have to travel outside of the area for their shopping and leisure needs."
Reflecting on their involvement, Ralph Jones, managing Director of Peveril Securities said: "We are delighted to be associated with this development which is in a unique location on the edge of London and we very much look forward to bringing it to fruition."
