The team includes masterplanner EDAW, CSC Consultants, DTZ Pieda, Alan Conisbee Engineers and Walker Management Quantity Surveyors.
The Ocean Estate contains 1400 dwellings, which will be improved by a mixture of refurbishment and new-build. The masterplan is expected to be completed by late summer.
Zoe Woodward, project manager for client Ocean New Deal for Communities, said the regeneration would be community-led. Estate residents have been elected to the Ocean NDC board and will be included in final decisions.
Ocean is one of seven new deals for communities partnerships announced by the DETR last summer.
A team including HTA, Mace and EDAW has been selected to design a £200m masterplan for the south London Aylesbury Estate.
Estates in Birmingham, Leicester, Bristol, Manchester and Middlesbrough will be the next to be regenerated under the new deal.