Greenwich Council is moving forward with plans to redevelop a derelict market in Woolwich into approximately 1,000 homes, taking a significant step 12 years after the project was first announced. The council is now seeking a Compulsory Purchase Order (CPO) to acquire several buildings surrounding the Grade II listed former Covered Market, a move deemed crucial for the Woolwich Exchange housing scheme, which the council hails as "one of the most significant regeneration projects in the borough."
Scope of the Woolwich Exchange Development
The ambitious development aims to deliver around 1,000 homes on a 3.19-acre site in Woolwich town centre, along with new shops, restaurants, a cinema, and public open space. While initial planning permission was granted in 2021, design modifications require a revised planning application. The council has requested assistance from City Hall to purchase the necessary land, hoping for Greater London Authority (GLA) grant funding to facilitate the acquisition.
Greenwich Council Leader Anthony Okereke stated: "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 the corner of Woolwich New Road and Plumstead Road from demolition. However, many other businesses on the site will be required to move or close permanently once the council acquires the land. Traders have faced uncertainty for years due to rising construction costs and changing building regulations, but now face a more concrete deadline.
The council's urgency stems from a requirement to execute the CPO before August 22, 2025, or risk delays of several years. Greenwich Council has assured that no current occupiers will be required to vacate before March 31, 2028, even if the CPO is implemented. Council Leader 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."
Role of the GLA and Affordable Housing
Greenwich Council, in partnership with project partner Spray Street Quarter, reviewed how to deliver the languishing project. It decided that taking on responsibility for land assembly—purchasing multiple plots and combining them into a unified parcel—would "remove a major barrier while giving confidence the scheme can move forward." Currently, the council only owns the Covered Market on the site.
The council is pursuing GLA grant funding to cover land acquisition costs. According to council documents, the funding bid has been "well received" by the GLA, though the amount sought from Mayor Sadiq Khan is undisclosed. The council has also requested help to deliver affordable housing through the London Social and Affordable Homes Programme, which has a pot of up to £11.7 billion. Eligible schemes must start on site by March 2036 and be completed by March 2039. Due to project changes, a revised planning application is required before construction, which is not expected to begin before 2028.
