A mass regeneration scheme in South Oxhey received a huge boost today after £2.5 million was earmarked for the estate.

Matthew Hancock MP, Minister for business, energy and enterprise, announced a raft of measures at the University of Hertfordshire this morning.

Hertfordshire Local Enterprise Partnership has secured £22.3 million for projects that will create hundreds of homes, create new jobs and support businesses across the county.

As part of this package, the Government has committed £12.5 million to the Evergreen Infrastructure Growth Fund which will support regeneration projects and this includes the redevelopment of South Oxhey.

Hertfordshire Local Enterprise Partnership said this is expected to provide about 500 new homes and a new retail neighbourhood centre.

Lucy Gravatt, spokesman for Hertfordshire LEP, confirmed £2.5 million will go towards regenerating South Oxhey.

Andrew Percival, Chair of the LEP's Infrastructure Board, said: "This investment in South Oxhey is a real boost for South West Hertfordshire, creating new homes and jobs."

The news was also welcomed by David Gauke, MP for South West Hertfordshire: “The redevelopment of the centre of South Oxhey has the potential to revitalise the area.

"I am delighted that the Evergreen Infrastructure Growth Fund will help the regeneration project.”

In addition, the number of potential South Oxhey Initiative developers has been narrowed down again this week.

Three developers are in the running for the South Oxhey Initiative after Three Rivers District Council officers cut the number to three.

Five bidders had submitted a main bid, which had to incorporate financial, residential and retail aspects of the project and Alan Head, head of major projects at the council, confirmed all of these included provisions for 45 per cent affordable housing.

But all three shortlisted developers have also submitted “alternative” bids, which allow developers to suggest other ideas and officers will now assess these bids.

Elected representatives will be invited to see the plans for the centre of the estate on Friday, April 10.

Mr Head told the South Oxhey Steering Committee meeting on Monday evening: “Members will appreciate this is a highly confidential process.

“But what I can say is the bids we have received are encouraging and look as if we have a really strong interest from bidders in the project and the final bids should bring forward some strong results.”

The plans for the regeneration of the estate will be confirmed in May.

However, Councillor Stephen Cox, representative for South Oxhey, clashed with Mr Head over whether elected representatives would be told who was in the running.

Councillor Cox asked the meeting: “Are we going to be told the names of the three bidders?

“There has been a reasonable amount of information that has been retained in part two, [confidential information not released to the public] which should have been made public.

“I know one cannot reveal the names of the bidders, but as a councillor for South Oxhey, I find it quite bizarre I have to wait until April 10 before these people magic themselves in front of me.”

But Mr Head replied: “It is normal in this process that we do not reveal the names of the bidders.

“All three of them are well known names in the regeneration industry. There is nothing in there you would be alarmed at.”