Plans have been in the pipeline to redevelop Woolwich Covered Market for over a decade. However, it’s been very difficult to get the project off the ground. There has been little progress, and the building sits derelict. Luckily, we could see it starting to move forward again. Let’s have a look, then you can speak to us if you need help with investment properties in Greenwich, including guaranteed rent.

Proposals

Woolwich Covered Market was once a vibrant part of the town centre. The building itself is notable, dating back to the 1930s. It was open air originally, but a roof was added in 1936. Interestingly, this was the first example of a Lamella roof in London. Sadly, over time the market declined, gradually seeing a drop in the number of traders and footfall. Ultimately it had to close.

As we said, in the 2010s there were plans to redevelop the market building. The idea was to create a vibrant new scheme with hundreds of homes plus new space for businesses, leisure, community use, and more. The Woolwich Exchange plans actually got approval in 2021. However, there have been significant changes since then, including fire safety rules and building standards. So, plans need to be revised and require new planning permission.

Update

There was positive news about the project recently though. Greenwich Council is committed to moving forward. To do this, they are planning to implement a CPO and purchase land around the market building. It will make it easier to get things moving rather than dealing with multiple land owners. Talk to us about investment properties in Greenwich, guaranteed rent, and more.

Significantly, Greenwich Council is asking for help from GLA to progress with Woolwich Exchange. They are hoping to secure a grant to cover the costs of buying the pieces of land. In addition, they are planning to ask for funding from the GLA’s London Social and Affordable Homes Programme. It will help them to increase the number of affordable homes they can deliver.

Things could move quite quickly here. The CPO must be implemented before the 22nd August or it could take years to arrange a new one. However, the estimate is construction would not begin until 2028. It’s also worth noting that if the council does get funding from the GLA, projects must begin by March 2036 and complete by the same month in 2039.

What are your goals for investment properties in Greenwich?

Leader of Greenwich Council Anthony Okereke said the Woolwich Exchange project is “a key chapter” for the regeneration of the area. However, he said, the local authority needs to be “bold and decisive” to move the project forward. If it does come to fruition, it could make the area a much more attractive place to live.

Greenwich has become one of the most interesting areas in London for investors. It’s really benefiting from redevelopments, creating new homes, amenities, and more. The transport connections have been improving too. If all of that, plus the potential for Woolwich Exchange, attracts you, we’d love to help. You can rely on us for diverse services, including guaranteed rent, portfolio management, HMOs, and more.

So, talk to us today about investment properties in Greenwich or other areas. We’ll give you the best support and bespoke solutions for any needs.