The ownership and management of Claybury Park has been formally transferred to Redbridge Council from developer Crest Nicholson with a dowry of £1m.
The transfer means the 70ha park can benefit from future development work including a new play area.
Lottery funding for improvements to the ancient woodland, which took place in 2006 and was funded by Redbridge Council, will also now be unlocked.
The park, which is thought to be the largest new park created in London for over a century, has been informally managed by Redbridge Council since 2006 and the formal transfer will see the council's park by-laws applied to the area.
The historic area comprises of ancient and woodland, orchard, grassland and ponds.
Claybury Woods were formerly part of Hainault Forest, and in earlier times part of the Great Royal Forest of Waltham. The woods are classified by English Nature as ancient woodland, having been in existence prior to 1600 AD.
Crest Nicholson were obliged to transfer ownership of the park to the council as part of the Section 106 agreement for the development on Repton Park. The dowry for the grounds maintenance costs and ongoing repairs and maintenance was received at the end of July, making the transfer formal.
Local campaigning group Barkingside21 organised a celebration event on 3 August after lobbying for the park to be handed to the council.
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