The production company, which is also behind ITV hit 'Bad Girls', will build 10 houses on a derelict plot of land and will install Big Brother-style cameras in all the houses to follow the domestic life of the inhabitants.
The series has been described as the UK 'Truman Show', after the popular film starring Jim Carrey. The difference here is that these East Enders will continue with their normal jobs or schooling during the day, where they will not be filmed.
The series will then be edited and broadcast as three half-hourly programmes a week.
Shed has already begun advertising for the as-yet-to-be-named series and is said to be seeking "colourful families to take part in the biggest and most challenging reality show ever".
Producers are hoping viewers will grow emotional attatchments with the real-life characters in the same way as they do with characters in 'EastEnders' and 'Coronation Street'.
There is no cash prize or alternative for the contestants, although it is likely they will be voted out by viewer phone votes over the course of the year.
Filming is due to start later this year and although it has yet to be picked up by a broadcaster, Sky One is tipped to be favourite, followed by ITV.
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