The spacious play park is just off Otterburn Crescent in Oakhill and is made from robust and rot resistant Robinia wood.
Residents had their say in the design and apparatus of the playpark during a consultation held last year, and the newly unveiled park incorporates some of the main suggestions.
These include a zipwire, climbing equipment, a seesaw, slide, mini roundabout and large swing.
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Dozens of residents, including pupils from neighbouring Hazeley Academy, were among those who attended the opening.
The ribbon was cut by Ward Councillor Zoe Nolan, who is the council’s Cabinet member for Children and Families, and Councillor Lauren Townsend, the Cabinet member for Public Realm.
Councillors Shanika Mahendran and Emily Darlington and were also in attendance.
Loughton and Shenley Labour Ward Councillors Zoe Nolan and Shanika Mahendran said: “We’re thrilled to have opened the brand-new playground today, just in time for the start of the summer holidays. We have worked hard to bring a new park to the ward, and have worked closely with residents to ensure it is just as they want it to be.
“This will be a great addition to the community and we can’t wait for everybody to enjoy it.”
Labour Councillor Lauren Townsend said: “It was an honour to open the new playpark in Oakhill, as every grid square in the city now has a park of their own. We committed to opening a play park on the estate as part of our new Council Plan, and I thank everybody involved for helping us achieve that aim.”