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Lendlease has been formally approved as Haringey council鈥檚 preferred partner for a development vehicle targeting the delivery of 5,000 homes and taking in more than 20 sites across the north London borough.

Haringey aims to deliver 拢2bn of new development - measured in 2015 prices - over the next 15-20 years, including the redevelopment of the Northumberland Park estate, and Wood Green Library.

Another site earmarked for redevelopment is Haringey Civic Centre, where protesters gathered ahead of last night鈥檚 cabinet meeting complaining that the partnership represented the privatisation of council housing.

Lendlease鈥檚 confirmation as preferred partner for the vehicle follows a selection process in which the firm saw off competition from a pairing between Morgan Sindall and housing association Affinity Sutton and a third team comprising housing groups Circle Pinnacle, Catalyst and US finance firm Starwood Capital.

Opponents of Haringey鈥檚 proposals used last night鈥檚 meeting to air concerns over Lendlease鈥檚 involvement in the regeneration of the Elephant & Castle district in Southwark and the resulting dispersal of residents of the Heygate Estate.

Alan Strickland, Haringey鈥檚 cabinet member for housing, regeneration and planning, insisted that the 50:50 joint venture company would not pave the way for 鈥渕ass demolitions鈥� of estates, and that the council would have control over the phasing of land releases.

鈥淭he vehicle is a way of delivering our regeneration plans because we can鈥檛 afford to do that ourselves, nor do we have hundreds of staff with development expertise,鈥� he said.

鈥淭his is a big venture, this is a risky venture. Nobody has ever denied that.

鈥淭hat鈥檚 why significant work has gone on to understand that risk, both on the part of council officers and independent legal advisers, independent financial advisers and independent procurement advisers.鈥�

Councillor Strickland said Lendlease鈥檚 confirmation as preferred partner would be followed by a five-month period for 鈥渢hrashing out鈥� issues surrounding governance, risk-management, and resident-involvement with the partnership.

Ahead of the meeting Tottenham MP David Lammy said he understood the financial position Haringey council was in but had 鈥渟erious concerns鈥� about the 鈥渟erious financial risks鈥� that development on the scale proposed involved.

Last month, Haringey unveiled a blueprint to regenerate a swathe of Wood Green, much - but not all - of which would involve its Haringey Development Vehicle partner.

That vision, reliant on the inclusion of a Wood Green station as part of Crossrail 2, would see the creation of new town squares and the wholesale redevelopment of the district鈥檚 main shopping centre.