The Partnership’s ambitious masterplan for the project has capacity for up to 2,800 homes in a major mixed-use canal-side town centre with a forecast development value of £1.7bn.

The project will involve restoration of an historic canal basin, and a generous mix of retail, including a 130,000 sq ft Sainsbury’s, leisure, community and small business workspace.

As part of this project, a new 130,000 sq ft Sainsbury’s store will provide a fresh, modern approach to trading with increased capacity for home delivery services. The agreement will ensure continuity of trading within the existing store until the day the new store opens.

Sean Mulryan, Chairman of Ballymore, said: “Partnerships like this one show the type of innovative approach needed to tackle London’s housing shortage.

“We are pleased to be a step closer to submitting an application and realising our ambitions of a mixed-use scheme that will transform the area.

“We’ve commenced early consultation with local stakeholders and look forward to hearing directly from local people how they envisage the future site can best suit the needs of the local community”.