The Royal Borough of Greenwich has taken the next steps towards unlocking Woolwich Exchange, an ambitious regeneration project that will deliver around 1,000 homes, including affordable housing, new public and commercial spaces, and breathe new life into the historic Grade II listed former Covered Market.
Following a Cabinet decision in June to implement the Compulsory Purchase Order (CPO), businesses and landowners within the boundary have received letters setting out the next stage of the process, the support available and the confirmed timescales.
The council has confirmed that:
- Land will be transferred to the council no sooner than 12 months from the day the letter is received.
- No properties will be required to vacate until 31 March 2028.
- Those affected will receive at least six months’ notice before vacant possession is required.
Councillor Tom Creswell, Cabinet Member for Planning and Development, said:
“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.
“Importantly, this means that businesses have clarity on their future. Nobody will be asked to leave before March 2028, and everyone affected will receive at least six months' notice before vacant possession is required. We'll continue working closely with those affected and provide the support and compensation they are entitled to throughout the process.”
The project - one of the most significant regeneration projects in the borough - was granted planning permission in December 2021, but changing market conditions, rising construction costs and new building safety regulations delayed the scheme.
To avoid any further delays, the council has implemented the CPO ahead of its statutory deadline, allowing the project to move forward while giving businesses, landowners and occupiers certainty about the next stages.
The council will continue to provide information and support throughout the process. Residents, businesses and landowners with questions can attend a drop-in session at Woolwich Front Room (105 Powis Street, Woolwich, SE18 6JB) on Wednesday 26 August, from 2pm to 4pm.