Outline plans for one of London’s largest ever proposed regeneration schemes at Brent Cross Cricklewood were approved last night by councillors at Barnet Council.

The £4.5bn regeneration scheme will create a new town centre and will be developed by a joint venture by Brookfield Europe, Hammerson and Standard Life Investments, which intend to develop the 250 acre site over the next 20 years.

Overall the site is considered to be one of the key opportunity areas in North London and it will create a new town centre including 7,500 homes, three schools, health care facilities, parks and a £400m investment in local transport.

The development consortium said the scheme will also bring about the largest investment in transport infrastructure and community facilities in the area’s history with nearly £1bn to be spent.

Barnet Council leader, Cllr Mike Freer, said: “I am pleased that the committee resolved to grant outline planning permission, and over the next few years we look forward to working with our development partners to deliver good infrastructure, quality homes, a new town centre and a vibrant, sustainable community.

“This is a once in a generation opportunity to secure significant investment in a part of our Borough that needs a major boost. It will enable us to deliver our policy of creating successful suburbs, while at the same time safeguarding the environment.”

The plans will now be considered by the Mayor of London and Government Office London, as they are considered of strategic significance to the capital.