Woolwich Exchange would transform the town centre with around 1,000 homes, new shops, restaurants, a cinema and a public square but existing businesses would be kicked out
Plans to redevelop a derelict market in South East London into 1,000 homes have taken another step forward 12 years since the plans were first announced.
Greenwich Council wants to implement a compulsory purchase order (CPO) to buy several buildings surrounding the Grade II listed former Covered Market in Woolwich to deliver Woolwich Exchange, a housing scheme the council called “one of the most significant regeneration projects in the borough”.
Woolwich Exchange was originally granted planning permission in 2021. Due to design changes a new planning application will have to be submitted, but the council wants to help deliver around 1,000 homes on the 3.19-acre site in Woolwich town centre, as well as new shops, restaurants, a cinema and new public open space.
The authority has asked City Hall for help in order to purchase the land needed to make way for Woolwich Exchange. It is hoped that Greater London Authority (GLA) grant funding will allow the council to purchase the land.
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.”
Greenwich Council’s Cabinet will decide whether to implement the CPO on Wednesday afternoon (June 24).
What does this mean for existing businesses?
The land falling under the CPO has been reduced from the council’s original plans. Some buildings on the corner of Woolwich New Road and Plumstead Road have been given a reprieve and will no longer be demolished to make way for Woolwich Exchange.
However, many other businesses on the site will have to move or shut up shop permanently when the council buys the land on which they stand. Traders have been in a state of limbo for years while the Exchange project has languished due to rising construction costs and changing building regulations, but now they finally face a more solid deadline.
The council’s reason for implementing the CPO now is because it must be executed before August 22 this year or another one must be made, potentially pushing the project back years. Greenwich Council has said that no current occupiers will be required to vacate their property before March 31, 2028 even if the CPO is implemented.
The council leader has also said those affected by the CPO will be given six months’ notice and compensation and relocation support will be provided “where appropriate”.
Cllr Okereke said: “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.”
Why is Greenwich Council asking City Hall for help?
Greenwich Council recently conducted a review of its Woolwich Exchange plans alongside project partner Spray Street Quarter about how the languishing project could still be delivered.
It was decided that if the council took on responsibility for land assembly—purchasing the multiple plots of land on the Woolwich Exchange site and combining them into one unified and workable parcel—it would “remove a major barrier while giving confidence the scheme can move forward”.
At present, Greenwich Council only owns the Covered Market on the site and so needs to purchase the rest of the land in order to initiate the Exchange project. The council is now pursuing GLA grant funding in order to cover these costs.
According to council documents, this funding bid has been “well received” by the GLA. However, it is not known just how much money Greenwich is seeking from Sadiq Khan.
The council has also asked for the Mayor’s help to deliver affordable housing in the Woolwich Exchange project. Sir Sadiq unveiled the London Social and Affordable Homes Programme earlier this year, which gives London councils the opportunity to seek extra funding to help deliver affordable homes.
The programme, which has a pot of up to £11.7 billion, will provide funding to councils and housing developers to help deliver a higher level of social and affordable housing in residential projects. Eligible schemes must start on site by March 2036 and be completed by March 2039.
Due to the project changes, a revised planning application would be required before development on Woolwich Exchange could begin. Greenwich Council does not expect construction to begin before 2028, but this should still fall well within the GLA’s funding timeline.
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