Plans have been approved for a £130 million project in Walthamstow, which developers say will provide more than 300 new homes.

Waltham Forest Council gave the green light last week to the “Equipment Works” regeneration scheme on a site on the corner of Forest Road and Blackhorse Road.

The project which is close to former music venue The Standard and the ongoing Ferry Lane redevelopment, will consist of both homes and new commercial units.

Developers U+I say Equipment Works will provide 337 new homes in a 10-storey block, 24 per cent of which will be offered as “affordable” housing.

The scheme will form part of the council’s Blackhorse Lane Action Plan, which aims to provide 2,500 new homes and 1,000 new jobs in the area over the next decade.

Simon Hesketh, director of regeneration, at U+I, said: “There is already substantial investment in the Blackhorse Road area and this resolution will unlock the potential of the Equipment Works site providing the missing link between neighbouring proposals.

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The plans also include new space for shops and businesses

“The scheme will form the heart of a new community, acknowledging the distinct history of the site and bringing fresh vitality to the area, building on its industrial heritage.

“We believe this will encourage residents and businesses to look at Waltham Forest with fresh eyes.”

The site, owned by Parkdale Investments Ltd, was once home to Associated Equipment Company Factory, which opened in 1908.

London buses were manufactured on site until 1927, with these prototypes inspiring the design of the Routemaster bus.

Part of the development will open to the public from mid-August until the end of the year, with the launch of a temporary community project, Sideshow, run in partnership with Blackhorse Workshops.

The installation will aim to celebrate the “maker culture” of London through a series of exhibitions, workshops and events. It will also see the launch of a new café.

A single objection was received to the plans, claiming residents at the adjoining Ferry Lane development would experience a loss of daylight.