A FTSE 250 company is the preferred bidder for the Alton Estate regeneration.

Redrow plc is the likely candidate following a competition which was launched in 2016 to find a development partner to replace council housing in parts of the Roehampton estate.

The regeneration, which is expected to take 10 years to finish, will include a new library, a retail area double the size of the current one, a health centre and children’s centre, a park, and around 1,000 "private and affordable" homes.

Secure council tenants and owner-occupiers are "guaranteed a newly-built home" on the estate.

With regard to non-secure tenants, a council spokesman said: "Households are provided with temporary accommodation under the council’s homelessness duties and as the regeneration progresses, those needing to move out of temporary accommodation will be housed in the usual way through the council’s allocation scheme and will be provided with alternative suitable accommodation."

Over the course of the decade, a spokesperson from Wandsworth Council said: "Redrow will aim to provide local residents with jobs, training and apprenticeships as a condition of being appointed."

Chief executive officer at Redrow, John Tutte, said they were "very pleased" at being named the preferred bidder.

Councillor Peter Carpenter, who represents Roehampton and Putney Heath ward, said: "As ward councillors all three of us are very supportive of this regeneration, and we think it's very important that it goes forward.

"We would also want the development partner to be comprehensively engaged with the community in terms of social regeneration. We will, however, continue to hold the council to account, to make sure that resident get the best possible outcome."

Cllr Ravi Govindia, leader of Wandsworth Council, said: "With our guarantees of newly-built homes on the estate for council tenants and owner-occupiers, to keep communities together, and opportunities offered by our Aspirations programme, Alton will set a new standard for other regeneration projects in London to follow."

The council’s Aspiration Programme was launched in 2013 to regenerate neighbourhoods in Roehampton, create more homes and to promote healthy habits in residents.