The multimillion-pound regeneration of the Queensway estate in Southend-on-Sea moved a step closer to getting under way after the borough council and housing association Swan agreed terms for developing the scheme.

More than a year after the local authority launched its search for a partner, the Porters Pace Southend joint venture will be formed with a view to coming up with a masterplan that will eventually deliver more than 1,500 new homes with at least 500 being affordable, more than the 441 demanded by the council.

The 50/50 joint venture, which will last for a term of 30 years, said it hoped to submit its masterplan for council approval next year, following further consultations with residents, local businesses and other stakeholders.