Proposals to create a sustainable new neighbourhood and transform the Grade II-listed Former Covered Market in Woolwich, SE18 into a five-screen cinema, restaurants and bars, have been approved by the Royal Borough of Greenwich.

The £400m scheme will deliver 801 high-quality homes, of which 158 will be offered as affordable tenures and includes 56 family sized homes. The scheme will also provide new facilities for the community to use, including a nursery, children’s play areas and workspaces.

Gary Morris, Development Director for St. Modwen Strategic Land & Regeneration, said: “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.”

The regeneration will feature new green, public spaces at the heart of the site, with extensive planting, benches and outside seating available for cafés, bars and restaurants

Over 600 temporary jobs will be created during construction and almost 200 permanent jobs in the retail, leisure and new employment spaces upon completion. 

Woolwich Exchange has been developed in a joint venture partnership between developer St. Modwen and housing association Notting Hill Genesis, which was appointed by the Royal Borough of Greenwich to deliver the scheme.