Regeneration of
Rathbone Market secure
A key £180 million regeneration
scheme for the Canning Town and Custom House area has secured the
final £13 million funding to enable work on the project to
begin.
The Rathbone Market redevelopment will be able to
proceed after being given funding from the London Homes and
Communities Agency (HCA).
The project will provide a total of 650 new homes in the area as
well as new shops and cafes, a revitalised market and community
facilities. Work is expected to start in Autumn 2010.
The 680,000 sq ft scheme will be one of the first sites to be
developed within the overall masterplan for the Canning Town and
Custom House area.
The redevelopment of the market is at the heart of Newham Council's
overall vision for Canning Town and Custom House and will kick off
the regeneration of the whole area.
The cash for the scheme had previously been at risk following
funding cuts by the coalition government.
Newham Council will now be working with English Cities Fund, its
development partner at Rathbone Market, to take the scheme
forward.
Councillor Conor McAuley, executive member for regeneration and
strategic planning said: "This is excellent news for residents and
traders in Canning Town and Custom House. The regeneration of this
area is one of the greatest priorities for Newham Council.
"We have been working very hard with our partners and developers
to secure the future of the project. The plans will radically
transform the area into a thriving place of choice for existing and
new residents and businesses."
Duncan Cumberland, development director at English Cities Fund,
said: "This is a real milestone for this project. Contractors will
begin enabling works in the next few weeks and we are currently
targeting completing the first new homes at Rathbone Market in
2012."
Jonathan Martin, Head of Area for East London at the Homes and
Communities Agency, added: "The HCA has worked closely with Newham
Council to ensure that this important housing project can get back
on track and the council's wider housing objectives can be met. I'm
sure local people will welcome the addition of new community
facilities to their area. And I look forward to seeing this scheme
progress."