THE FIRST part of a £70m development in Walthamstow was officially opened today after a rundown industrial site was transformed.

Centra Living – part of Circle Housing –unveiled 250 new homes on a brownfield site in Billet Road.

The development, Banbury Park, replaced disused warehouses, industrial works and an electronics factory with one, two, three and four-bedroom homes.

There are now 76 homes on offer for a shared ownership scheme and 174 for private sale.

Through shared ownership, buyers could purchase a 50 per cent share of a one-bedroom home at Banbury Park for around £148,500.

One-bedroom homes are available for outright sale from £350,000.

Tim Seward, Head of Property Sales, said Banbury Park offers a realistic opportunity for people to be able to afford living in an area like Walthamstow where house prices have rocketed.

He said: “E17 - or ‘Awesomestow’, as it has been dubbed - is reaping the benefits from significant investment and is rapidly becoming one of the most exciting and sought-after places to live.

“Our new homes present a great opportunity to be part of this well connected and stylish community. Banbury Park also represents good value for money in comparison to other parts of the capital.”

The development is not yet complete, though, with over 2,400 square feet of retail and commercial space to be built.

A major new retail unit is planned for the space, as well as smaller shops, boutique stores and business premises.

It will also have landscaped community spaces, shops, offices, and a public square that will help to continue the regeneration of the area.

The first residents are expected to move in to their homes by the end of the year.

When the development is completed in 2017, the site will have 350 homes in total.

Prospective buyers can call Centra Living, part of Circle Housing on 0845 223 0000 or visit