Rathbone Market green light after £13m boost
The £180m Rathbone Market regeneration scheme in Newham in London has secured £13m funding to enable work on the project to begin.
Development of the Rathbone Market scheme can now begin after the developer, the English Cities Fund, secured the money from the London Homes and Communities Agency. The funding was put in doubt after the HCA announced £780m of cuts to regeneration grants earlier this year.
The developer is a joint venture between Muse Developments, Legal & General and the Homes and Communities Agency.
Its Rathbone project will include 650 new homes, new shops and cafes, a redeveloped market and community extras. 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 council says the redevelopment of the market is “at the heart” of its overall vision for Canning Town and Custom House, and will apparently kick off the regeneration of the whole area.
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.”
Fill out our Vacant Properties survey for a chance to win £100
Don't miss the Public Property Summit - 1-2 November 2010
Leave your response!