The Royal Borough of Greenwich has moved forward with plans to deliver Woolwich Exchange, a regeneration project set to deliver around 1,000 homes.
The scheme includes affordable housing, along with new public and commercial space and a revamped Grade II listed former Covered Market.
Following a Cabinet decision in June to implement a Compulsory Purchase Order, businesses and landowners within the site boundary have received letters outlining the next steps, available support and confirmed timescales.
The council says land will not transfer for at least 12 months after letters are received, no properties will need to vacate before 31 March 2028, and affected parties will get at least six months' notice before vacant possession is required.
Cllr Tom Creswell, Cabinet Member for Planning and Development, said the move gives businesses clarity after years of uncertainty, with support and compensation continuing throughout the process.
The scheme, granted planning permission in December 2021, was delayed by market conditions, construction costs and safety regulations. A drop-in session for those affected takes place on 26 August at Woolwich Front Room.
‘Woolwich Exchange will revitalise the historic covered market and bring new homes, shops and public spaces to the heart of one of London's fastest-growing town centres. The site has huge potential, and, after many years, this is a big step towards it,’ said Cllr Creswell.
