The transfer of a south London estate to a tenant-run housing association has opened the door for the development of more than 500 new homes.

Network Housing Group announced this week that it had secured the switch of more than 1,300 Lambeth council properties in Stockwell Park, immediately to the south of Brixton town centre. The running of the homes will transfer to Community Trust Housing, which is part of the Network Group.

As part of a £72m regeneration programme, Network will demolish 185 homes and replace them with 542 affordable rented, shared ownership and private sale properties. The cross-subsidy from the sale will help finance the £120m cost of regenerating the estate. Network is currently tendering for a developer to carry out the project.

The project also involves the refurbishment of 484 existing former council properties to bring them up to the Decent Homes standard.

Architect Levitt Bernstein has designed the new housing for Network.

Lambeth council granted planning permission for the estate’s revamp earlier this year.