The council has defended its handling of the Meridian Water project after the Conservatives accused it of blowing millions on a “failed” procurement process.

Conservative leader Cllr Joanne Laban said the council had wasted £3 million on the regeneration project after ditching plans to work with a master developer.

The figure – branded “staggering” by the Tory leader – represents spending on external property, legal and financial advice and support during negotiations with developers Barratt and PCPD.

Cllr Laban said: “Enfield’s Labour council need to make sure from now on not a single penny of taxpayers’ money is wasted.”

But the council said the work already undertaken would be used during talks with future developers and claimed its plans represented better value for money for taxpayers.

It said financial modelling showed adopting a “phase-by-phase” approach to the regeneration plan would generate more money for the council.

An Enfield Council spokesperson said: “Independent financial evaluation of the Meridian Water scheme shows that the development will make a greater financial return for Enfield taxpayers when delivered phase-by-phase under active council control.

“Work undertaken as part of the master developer procurement process can now be rolled forward into future procurements – allowing us to accelerate delivery of homes and jobs.”

The £6 billion Meridian Water regeneration plan is set to provide 10,000 homes over the next 20 years, along with commercial space and transport links.

But work on the scheme stalled after negotiations with the council’s preferred developer Barratt Homes fell through last year.

In July, the reserve developer, Hong Kong-based PCPD, announced it was pulling out of the project, citing “substantial differences” with the local authority.

The council subsequently announced it would not work with a master developer and would instead strike deals with several smaller firms to provide housing and infrastructure.

Council leader Cllr Nesil Caliskan said the new approach would lead to a better deal for the borough’s residents.