Hundreds of homes could be built on an ageing industrial estate in an area of Walthamstow earmarked for major regeneration.

The E17 site chosen by a huge multinational firm to build its very first investment in the private rental sector has been revealed as the Ferry Lane Industrial Estate.

In February, financial services company Legal and General Group PLC paid out £25million for a ‘regeneration site’ which it planned to build 300 flats on.

“Our plans to redevelop the Ferry Lane Industrial Estate, creating around 400 new homes, will use a new rental model; offering secure, long-term tenancies for people looking to rent in Walthamstow,” James Lidgate, head of residential at Legal & General Property said.

“We very much look forward to hearing from local residents on these proposals.”

The homes will be a ‘new class’ of specifically designed rental accommodation, based off ‘fair value rents’ while remaining high quality, L&G claims.

Tenancies will also be more flexible, according to the group which wants to make positive changes in the rental industy.

The new homes would be managed and retained by Legal & General and arranged over two distinct, high-quality buildings facing onto the High Maynard Reservoir.

Amenities and commercial space will also be included in the development which will be ‘sympathetic’ to the environment.

Legal & General is currently preparing plans to apply for detailed planning permission.

Outline permission for up to 311 residential dwellings and up to 2,210sqm of non-residential floorspace at this site was approved in May 2014.

The site forms part of the Blackhorse Lane Housing Zone.

Public feedback events will be held on July 17 and 18 at Gnome House in  Blackhorse Lane.

The Friday session will be between 3.30pm and 8pm and the second between 11am and 3pm.