FUNDING has been secured to allow the regeneration of the Larner Road estate in Erith to begin.

A grant worth £15m was secured from the homes and communities agency last week allowing housing association, Orbit South, to start work on the five year project, costing £128m.

Building work is due to start on the regeneration in 2013, which will offer over 600 homes for more than 3000 people in Erith.

Residents on the high-rise estate are already being relocated so the tower blocks can be demolished, with Orbit South currently meeting their target of moving ten households a month.

Managing director of Orbit South Vivien Knibbs, said: “This is a fantastic day for the local area and we are thrilled the homes and communities agency has confirmed funding for the first phase.

“This project will continue to be taken forward with local people and will completely transform this part of London, bringing significant investment into the area and creating homes which people can be really proud of.”

Orbit South has been working with the estate’s residents and Bexley Council for over two years to shape plans for the future of the neighbourhood.

Leader Bexley Council, Councillor Teresa O'Neill, said: “We are delighted with this news.

“We look forward to continuing working in partnership with Orbit South to help deliver the exciting, modern and aspirational new homes and environment for residents and Erith as a whole.”

The Larner Road development will include a mix of homes for affordable rent, private market sale and low cost home ownership.

Larner Road resident Steve Kenworthy added: “The regeneration is a great opportunity to bring people together, get them involved and build a community spirit.

“I’m planning to stay on because I believe it’s going to be a great place to live and I’m looking forward to having a say in the design of the new homes.”

The homes and communities agency has agreed to provide £46.5m worth of grant to build 1019 homes in the south, 370 of which are in London.