Greenwich Council has formally requested funding from Mayor Sadiq Khan to advance the Woolwich Exchange regeneration project, which aims to deliver approximately 1,000 homes in the town centre. The council is seeking Greater London Authority (GLA) grant funding to acquire the land needed for the scheme, which also includes new shops, restaurants, a cinema, and a public square.
CPO decision looms for Woolwich Exchange
The council's Cabinet will decide on Wednesday, June 24, whether to implement a compulsory purchase order (CPO) to buy several buildings surrounding the Grade II listed former Covered Market. The CPO is essential to assemble the 3.19-acre site, as the council currently only owns the market itself. The CPO must be executed before August 22, 2026, or a new one would be required, potentially delaying the project for years.
Greenwich Council Leader Anthony Okereke said: "Woolwich Exchange is a key chapter in the Woolwich town centre regeneration story. It offers an incredible opportunity to deliver homes, jobs, and public realm improvements while bringing the former covered market back to life in an extraordinary way. But for us to get this project done, we need to take bold and decisive action, and that is what we plan to do."
Impact on existing businesses
The CPO boundary has been reduced from original plans, sparing some buildings on Woolwich New Road and Plumstead Road from demolition. However, many other businesses on the site will be forced to relocate or close permanently. Traders have faced uncertainty for years due to rising construction costs and changing building regulations, but now face a firmer deadline. The council has stated that no occupiers will be required to vacate before March 31, 2028, even if the CPO is implemented.
Okereke added: "We understand that delays out of our control have created uncertainty among those affected by the CPO—[but there are] some who live or work in properties that now won't be needed for land assembly due to the reduction in the size of the boundary, which was necessary in order for the scheme to remain deliverable. We will make sure that everyone affected is offered the right support from continuing to speak to them, as we have over the last few years, as well as looking at compensation and relocation support where appropriate."
Funding and timeline
The council has asked the GLA for grant funding to cover land acquisition costs, a bid that has been "well received" according to council documents, though the amount sought is undisclosed. Additionally, the council is seeking support from the Mayor's London Social and Affordable Homes Programme, which has a £11.7 billion pot to help deliver social and affordable housing. Eligible schemes must start on site by March 2036 and be completed by March 2039. Woolwich Exchange, originally granted planning permission in 2021, requires a revised application due to design changes, with construction not expected to begin before 2028—still within the GLA's timeline.
