The Good Growth Fund is a new initiative from London Mayor Sadiq Khan designed to support the delivery of innovative regeneration projects that are inclusive and demonstrate an outstanding approach to challenges faced across London.

The Royal Borough's 'Plumstead - Embrace the Change' bid was submitted to the GLA on Friday 5 January 2018.

Plumstead High Street

If the bid is successful the money will help transform the High Street, making it more attractive for residents and visitors. It will be used to:

• support existing businesses
• establish a new traders forum, helping them improve their shop fronts, business plans and online presence.

Plumstead Power Station

The bid also includes renovating the currently underused Plumstead Power Station to establish new managed workspaces, and create community and event spaces that could provide pop up food and craft markets with an emphasis on encouraging local businesses to grow.

The Power Station would be home to workspaces for businesses as well as studio spaces aimed at the growing culture sector. It aims for the delivery of at least 60 new workspace units or studio spaces, with a minimum of 20 ring-fenced for start-up businesses.

The revitalised Power Station could also contain creche facilities, cafes and social spaces which would be open to local people and the general public.

Plumstead regeneration

As part of its proposal to the GLA, Royal Greenwich had to provide evidence of 50 per cent match funding.

The Council has already begun investing in regenerating Plumstead. Work is scheduled to start in the Spring on a multi-million pound project to deliver a brand new library, leisure and community centre in the eastern part of the High Street.

The Council has also secured £2.7m of Housing Zone money to deliver a transformational public realm scheme adjacent to Plumstead Station. This is likely to include improvements such as new road surfaces, wider pavements, better street lighting and safer crossings.

Bid decision

A GLA decision on the bid is expected in spring 2018. If successful, the council will be holding a range of community engagement events.

'Confident we have put together a good bid'

Councillor Danny Thorpe, Deputy Leader, and Cabinet Member for Regeneration and Sustainability, said: "The Good Growth Fund is about supporting community development projects that are innovative and inclusive. This has been a very competitive process as so many parts of London are looking to the Good Growth Fund for investment.

"We are confident we have put together a good bid that more than meets the requirements and will bring real and substantive change to Plumstead."