Plans to build more than 400 homes, including a 16-storey tower block, in Walthamstow have been approved.

Legal and General Property was given planning permission to develop a former industrial estate in Wickford Way, by Waltham Forest council’s planning committee on Thursday (October 20).

Proposals include 440 new homes and commercial space across five new buildings. Two buildings on the site will stand at more than ten storeys, with the tallest reaching 16 flights.

If approved, the development will contain 25 per cent “affordable housing” which will be let at 80 per cent market rent for the next 15 years.

Rents taken from tenants at the new development would be used to contribute towards Legal and General pension funds.

Committee member, Cllr Alan Siggers, raised concerns the affordable housing quota would only be offered for a set amount of time, claiming it would: “set a precedent” if the plans were approved.

However, council officers said the “build-to-let” nature of the scheme meant developers could only offer homes at affordable rent on the site for a set period.

The committee granted planning permission for the development, with the condition issues surrounding local employment during construction and donations by Legal and General to the Walthamstow Wetlands project were resolved.

Planning committee chairman, Cllr Jenny Gray, said: “I am quite excited by this scheme, I believe it will bring benefits to the borough and it is a ground-breaking scheme

“However, when we consider a development as big as this, we do need to give proper time to get it absolutely right and ensure the maximum benefits to the community are achieved.”

The site is currently home to an industrial site, which will be completely demolished if plans for the new development are approved.

In 2014, planning permission was granted to redevelop the site for commercial and residential use, including 311 home. However, the project was never advanced.