A leading construction, development, maintenance and investment and management group has secured a major regeneration contract in London.

Rydon will begin work on the £50 million revamp of the Bacton Low Rise estate in Gospel Oak in Camden later this month.

This will involve a full demolition of the site, which has suffered greatly from a poorly conceived design concept. As a result of this, the estate has been allowed to fall into disrepair.

Construction is expected to begin at the end of 2013 with a completion date earmarked for the end of 2017.

A total of 239 homes will be built, with 176 up for private sale, 104 available to rent at a very good rate and ten available for shared ownership.

Mark Mitchener, managing director of Rydon Construction, said: "Our appointment to Bacton reflects Rydon’s reputation in the consultation, design and delivery of first class community regeneration.

"Local residents have put an enormous amount of effort into the plans so it is particularly pleasing to be able to bring their vision to life, as well as delivering wider employment and training opportunities to the area over the coming years."

The project is part of a wider initiative. Camden's community investment programme is a 15-year project that will see the creation of new schools, homes and facilities, made possible through the redevelopment or sale of buildings that are no longer being used effectively.

Cabinet member for housing Julian Fulbrook commented: "This is a huge step in the regeneration of Gospel Oak, as this is the first time we have been able to build new council homes for rent for nearly 20 years."

Rydon is also involved in other regeneration projects that are looking to bring estates into the 21stcentury. This includes £130 million overhaul of the Packington Estate in Islington.ADNFCR-3337-ID-801626669-ADNFCR