Canning Town’s £600m lifeline regeneration scheme
PUBLISHED: 08:00 14 March 2012
The Canning Town Centre regeneration scheme has been given the final go-ahead after Newham Council reached a funding agreement with developers.
The £600 million project, which will include ‘affordable’ housing and a supermarket, was granted approval in January.
Contractors Bouygues Development this week signed a principal development agreement with council planning officers.
The six-hectare site will reconnect the areas north and south of the Canning Town flyover, Canning Town corner with Barking Road and Rathbone Market.
It will include space for 179 private and affordable homes, 424 square metres of retail space, a Morrisons supermarket, and space for car parking.
Work on the scheme will start in the last quarter of this year.
Stephanie Slama-Royer, Managing director of Bouygues, said: “Reaching this milestone for such a transformational development is the result of a dedicated team of agents and advisors who have worked tirelessly to reach this point.
“To be funding such a massive regeneration scheme at costs is a fantastic achievement for Bouygues Development and we are very proud to be involved in a project that will bring positive change to the communities who live and work in Canning Town.
The entire cost of the council’s planned regeneration of Canning Town and Custom House will come in at £3.7bn.
It will include more than 1,000 housing units, 30,000 sq m of leisure and retail space, and community facilities.
Clive Dutton, Newham Council’s Executive Director for Regeneration and Inward Investment, said: “The scheme will spur on not only the wider Canning Town and Custom House regeneration programme, it will also give momentum to the wealth of opportunities throughout Newham’s arc of opportunity, running from The Royals through to Stratford. It is further evidence that east London and Newham in particular are at the heart of London’s future economic growth.
Newham Mayor, Sir Robin Wales, added: “This scheme is the real game-changer for Canning Town. And it illustrates the scale of our ambition when it comes to delivering regeneration in Newham. “It is through initiatives like this that Newham is bringing together physical and social regeneration to form strong, prosperous and resilient communities.”
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