The regeneration project is expected to cost over £300m to build

The vast scheme is being promoted as the flagship project in the Government’s crusade to bulldoze and rebuild the country’s worst sink estates.

The £1bn Winstanley and York Road scheme will regenerate a 32 acre site creating a new better-designed mixed-use neighbourhood of around 2,000 homes with new retail, leisure, community and office space.

Taylor Wimpey managed to beat rival bids from industry heavyweights Berkeley, Balfour Beatty, Lendlease and C&C Properties UK & Pinnacle Group.

Council tenants and owner occupiers are being offered new homes in the development so they can stay and share in the area’s revival.

Tenants have already supported a wholesale redevelopment option for the two estates rather than a revamp of existing buildings.

The estates sit side-by-side between Clapham Junction station and new luxury housing along the river.

Under the favoured option 3 some existing blocks will be refurbished and large areas of the York Road estate will be rebuilt.

The redeveloped areas will be extended further to include Ganley Court, Gagarin House and Shepard House. New housing would be constructed in modern buildings fronting onto clearly defined streets.

Two towers on York Road estate will be retained under present plans but Chesterton House would be redeveloped.