A mass regeneration project in South Oxhey is a step closer after five developers were shortlisted to carry out the project.

Politicians are moving ahead with plans for the South Oxhey Initiative, which will transform the centre of the estate and at Monday’s extraordinary policy and resources committee, the number of potential developers was cut from eleven to five.

The bidders, who are yet to be named, and Three Rivers District Council will now be in "open dialogue" about different aspects of the bids.

Five bidders will have to submit a main bid, which will have to incorporate the financial, residential and retail aspects of the project.

Councillors and council officials will then compare bids against one another, but potential developers will be given the opportunity to propose different ideas for the centre of South Oxhey.

Councillor Matthew Bedford, lead member for resources at Three Rivers District Council said: "We want to create a sustainable town centre for the whole of the South Oxhey community. 

"The buildings there are not suitable for the way people live their lives in 2014. They were built in the 1940s, when people had fewer cars so the expectation then was that would do all of their shopping there. Nowadays, people tend to go to big supermarkets out of town. 

"There are broad agreements about what we should have in terms of the retail. It should include a supermarket so people can get good quality and good value for money groceries. It will include essential local shops for example a post office and a bank."

"We want to revitalise some of the public spaces as far as we can. Then of course, we want to provide a number of new homes, both affordable and private housing."

But Councillor Ty Harris, conservative representative for Oxhey Hall and Hayling, described the plan to make 45 per cent of the new housing as "unviable".

He said: "We have said all along, the 45 per cent affordable housing has been a bit of tall order for the developers to reach. 

"There has been more interest in this development because they are able to submit plans with 45 per cent affordable housing, which they have to submit, but they are allowed to put forward their own ideas.

"There will be five really different bids."

"45 per cent affordable housing is just not viable for the developers."

But this claim was disputed by Councillor Bedford, who said: "The council has a clear policy of 45 per cent affordable housing. At this stage, that is what is built into the requirements going out to the bidders. They will be asked, when they submit their main bid to comply with that." 

Councillor Steve Cox, leader of Three Rivers Labour group said: "What Labour wants to see demonstrated by all potential developers is a commitment to a high-quality scheme, which provides reinvigorated shops whilst maintaining choice and we entirely favour and want to ensure that 45% of the new housing is affordable homes for rent. 

"We want free parking retained. Unlike the Conservatives, we have been clear and consistent throughout.  Our aims and aspirations for South Oxhey reflect local wishes."        

The number of potential developers will then be cut down from five to three, before a finalised project will then be drawn up and submitted for planning permission.