The developer founded by Essex-born real estate entrepreneur Robert Whitton aims to build a contemporary urban village in the town centre at the 7-acre site of a former ice rink.

Known as Rom Valley Gardens, its is Impact’s first major regeneration scheme and will be built using Impact’s own modular factory.

Plans also include a new clinical diagnostic hub for the NHS, adding to services already delivered by Queen’s Hospital. There will be around 14,000 ft of retail and a gym for residents and NHS staff only.

The proposals will now be forwarded to the Greater London Assembly for its Stage 2 approval and are subject to the finalisation of a Section 106 Agreement.

With approval, construction could begin before the end of this year.

The purchase of the application site in Romford was funded with the backing of a private family office that has committed £100m of equity, which with additional borrowing and embodied equity will allow it to assemble an £1bn development pipeline for the group.

Whitton, founder and CEO of Impact Capital Group, said:  “By using our own modular construction factory, we are ripping up the rule book, and combining smart technology, innovative design and precision engineering to produce the sustainable and affordable buildings of the future.

“The recent public health crisis has also shown us the urgent need for a new way of building in the UK, clearing away years of environmental damage, inefficiency and outdated practices.”