Royal Borough of Greenwich’s Planning Committee has approved proposals to create a sustainable new neighbourhood and transform the Grade II-listed Former Covered Market in Woolwich.

Woolwich Exchange will create 801 high-quality homes, designed for flexible living, with space to live and work at home. 158 of the new build homes will be offered as affordable tenures of which 56 will be family sized homes.

The scheme will also provide new facilities for the community to use, including a nursery, children’s play areas and workspaces.

The regeneration includes new green, public spaces at the heart of the site, with extensive planting, benches and outside seating available for cafés, bars and restaurants. A new green area will be created along Plumstead Road.

The development will be one of the most sustainable in London, with innovative heating and cooling systems, saving CO2 emissions of over 50% compared to the requirements defined by building regulations.

The historic Former Covered Market on Plumstead Road, the Grade II listed building, will be converted into a new 5-screen Picturehouse cinema, cafés, bars and restaurants.

Gary Morris, Development Director for St. Modwen Strategic Land & Regeneration, commented: "This is great news for the future of Woolwich. Woolwich Exchange is an ambitious regeneration that will transform this part of the town centre, while also respecting the area’s rich heritage. Adding a new cinema within the historic covered market building is going to be a spectacular addition to the area. From the beginning, it has been critical that we bring the community with us as we evolved our plans and we would like to thank local residents who have shown our proposals such incredible support. Securing planning permission is a major step forward in making Woolwich Exchange a reality. There is still much hard work ahead of us and we will continue to closely engage with local residents and businesses.”

John Hughes, Group Director of Development for Notting Hill Genesis, said: "The Council’s approval is fantastic news for Woolwich, its community and for London, offering something for everyone. Woolwich is growing and the transformative plans for Woolwich Exchange are part of its sensitive evolution which will bring a huge range of benefits to the area and help unite the town centre. The regeneration will deliver many new, well-designed affordable homes, as part of a sustainable development that is truly fit for the future.”

Expected start on site 2023.

Royal Borough of Greenwich ref. no. 20/3385/F.