The major regeneration of the old covered market on Plumstead Road, SE18, is on track.
As part of a major regeneration plan for the area, a contract to acquire the market site has been signed by St. Modwen, Notting Hill Housing and the Royal Borough of Greenwich.
Redevelopment of the market is central to £200 million plans for the mixed-use regeneration of the area around Spray Street in Woolwich town centre. The proposal for the new Spray Street Quarter includes approximately 600 new homes alongside a cinema, shops, restaurants and business space.
Up to 35 per cent of the homes planned for the new site will be affordable, with the remaining housing built for private sale or built for the private rented sector.
Woolwich is a major transport hub, and the Spray Street Quarter development sits directly across from the new Elizabeth line (Crossrail) station that will open in Woolwich in 2018, bringing faster transport connections to Woolwich from the City, West End, Docklands and beyond. The site also sits between Woolwich's existing Docklands Light Railway and National Rail stations and is well-served by bus connections.
The development, part of Royal Borough of Greenwich's regeneration masterplan will also open up new pedestrian routes and create new public areas.
John Hughes, Group Development Director at Notting Hill Housing, added: "The contract signing marks a key milestone for the regeneration of the Spray Street Quarter and the ongoing revitalisation of Woolwich town centre. Following our initial public consultation earlier in the year, Notting Hill Housing now looks forward to the next stage of local engagement to shape the area into a vibrant new place to live, shop and spend time."
Councillor Denise Hyland, Leader of the Royal Borough of Greenwich, said: "The Council has a long-held vision for Woolwich to become a thriving metropolitan town centre where people can live, work and enjoy themselves.
"The Royal Borough is open for business and this announcement demonstrates that investors and developers share our aspirations to create great places where people want to live and work. Woolwich is undergoing significant transformation with lots of new developments such as the Royal Arsenal, Thomas Street and the regeneration of the former Connaught Estate. Spray Street, together with the opening of the Elizabeth line will further bolster the area's growing reputation."
Tim Seddon, Regional Director for London and the South East at St. Modwen said that the partners would now work up their detailed plans for the development: "With excellent connections to central London, our proposals are set to meet local and London-wide demand for homes around key transport hubs. The leisure and associated uses will make Spray Street Quarter an exciting new destination within Woolwich, complementing the extensive and successful regeneration that is already underway at the Royal Arsenal.
"With these agreements now in place we are working up detailed proposals for a second public consultation, prior to submitting a planning application during the summer of 2017."
The Royal Borough of Greenwich first selected the partners as preferred bidders for the project in 2014, on the strength of St. Modwen's track record as the UK’s leading regeneration specialist and Notting Hill Housing’s position as one of London’s leading affordable housing providers.
St. Modwen and Notting Hill Housing have also signed contracts to form the Spray Street Quarter Limited Liability Partnership (LLP), a 50:50 joint venture to deliver the project.
The partners will work to assemble the remainder of the site through commercial agreements. A Compulsory Purchase Order Indemnity Agreement has also been entered into with the Royal Borough of Greenwich should the partners be unable to acquire the necessary land through private treaty negotiation.