A new fund has been launched to improve Merton.

The Merton Legacy Fund, which will be split into four priority areas, has been established with £75 million of the money raised from the sale of the council-owned risk management company CHAS.

Merton Council has outlined the four key areas where the money will be focused.

This includes revitalising town centres, constructing the first council homes in a generation, developing sports infrastructure, and a £15 million allocation for infrastructure projects as chosen by residents.

The council plans to create a more "vibrant and accessible" town centre using feedback gathered from a budget engagement exercise carried out at the end of 2023.

The council-owned CHAS was sold in May 2023 for a one-off sum of £186 million.

The company, set up in 1997, had grown to be the leading national provider of risk prevention, compliance and supply chain management services.

It served over 30,000 contractors across various industries, including the public sector, construction, education, and transport.

Following the sale, £50 million was allocated to clear historical debts, and around £60 million was invested to secure the council's financial future.

The remaining £75 million has now been earmarked for the Merton Legacy Fund.

The council said the money will benefit both current and future residents.

The fund will not be used for everyday services like "street cleaning or park maintenance" due to the £75 million being "money that the council can only spend once".