Woolwich Exchange development delayed yet again – and scope reduced

A project twenty years in the making is being delayed yet again with the scope of the project changed.

Woolwich Exchange has seen numerous up and downs with the approved project including 801 homes, a renovated indoor market building with cinema alongside new shops.

Now it’s all change once again with the authority set to implement a Compulsory Purchase Order notice, with no occupiers required to leave property before 31 March 2028. The council’s Cabinet will discuss it next week.

The scope of the project is reduced with some attractive though run down buildings on Woolwich New Road not now included.

Initially the partnership sought to demolish all those buildings seen on the right in the above photograph.

Then revised plans saw most retained, refurbished and extended.

The overall project has been a joint venture with Notting Hill Genesis which has so far yielded no results except years of uncertainty.

Notting Hill Genesis and St Modwen were first chosen by Greenwich Council as partners twelve years ago. Greenwich officially started the process back in 2012 and were talking about redevelopment for some years before that.

They state recent works have not progressed due to “market conditions, rising construction costs and changes to building regulations” though that alone doesn’t explain glacial progress over many years before recent issues.

Despite Crossrail being well underway directly over the road, almost zero per cent interest rates for many years, demand-side props such as Help to Buy and no requirement for a second staircase in towers, many public-private partnerships utterly failed to address the growing housing crises.

Change of plan

Now Greenwich Council is “pursuing grant funding from the Greater London Authority (GLA) for, would deliver around 1,000 homes, including affordable housing, new public and commercial space, while preserving and revitalising the historic Grade II listed former Covered Market.”

They also state the that the “council believes taking responsibility for land assembly, which the GLA’s grant would help cover some of the cost if successful, will remove a major barrier while giving confidence the scheme can move forward”.

While Greenwich will now take the lead on assembling land they aren’t set to build themselves but enter into another agreement:

“Through the engagement of SSQ (Spray Street Quarter), it is known that other housebuilders and developers are interested in delivering the scheme through working with the Council and its property advisers.”

Partnership failings

Will it be any more successful than the numerous failed public-private partnerships?

See also the Woolwich DLR sites (it’s now 17 years since the line opened and TfL announced a development partner in Oakmayne) plus a plot above the eastern end of Woolwich Elizabeth line station, which saw plans approved 12 years ago.

The plan back in 2013-2014 was to get moving as soon as the station box below was complete as was seen above the western end of the station box. Nothing has yet begun on site to the east.

Other long delayed projects wholly in private hands that were formerly public land include the former MacBean Street site formerly homes to Woolwich Polytechnic school (about 15 years and counting of inaction there).

Let’s hope some positive movement finally occurs at the many run down or vacant sites across town. As for Woolwich Exchange the authority state:

“Given the changes to the project, a revised planning application would be required before development can start. The Council does not expect construction to begin before 2028.”