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This is what Tottenham High Road could look like under a £1 billion plan to regenerate the street that became the unfortunate icon of the 2011 London riots.

Its burned-out Carpetright building and a blazing double-decker bus abandoned on the carriageway became symbols of the violence, vandalism and looting that spread to Birmingham, Manchester, Bristol and Liverpool in summer six years ago. This week Tottenham High Road’s future looks significantly brighter.

Haringey council is expected to agree to join forces with developer Lendlease, the firm behind the regeneration of Elephant & Castle, to transform a swathe of the High Road adjacent to the new Tottenham Hotspur stadium which opens next year.

The development, called High Road West, will include more than 2,500 new homes and a public square lined with shops and restaurants. A total of 750 of the homes will be affordable, earmarked for struggling renters and first-time buyers priced out of the local market.

High Road West: the development will include a public square and a library

The project will also include a new linear park and a library, and will take up to 15 years to complete.

The agreement, set to be ratified by Haringey’s Cabinet committee, will provide a significant kick-start to the regeneration of one of the last resolutely ungentrified sections of north London.

According to the latest data from Rightmove the average selling price in the N17 postcode is £395,581, with flats fetching £268,288 and terrace houses going for £529,000 on average.

Buyers willing to live through the regeneration years should see significant house price growth in this area, particularly since neighbouring Wood Green is also earmarked for a multibillion-pound face lift.

Another neighbour, Woodberry Down, has already been successfully remodelled as a smart waterside development.

Properties currently on sale nearby represent excellent value by London standards.

They include a four-bedroom Victorian house in Kitchener Road, through Alexander Knight, priced £715,000, and a three-bedroom end-of-terrace house in Lismore Road, on the market with Paul Simon for £615,000.