Council seeks a CPO and GLA funding to assemble land for Woolwich Exchange, described by the authority as "one of the most significant regeneration projects in the borough".

A long-delayed plan to redevelop the derelict former Covered Market area in Woolwich into about 1,000 homes has moved forward, 12 years after it was first announced.

Greenwich Council is pursuing a Compulsory Purchase Order (CPO) to acquire multiple properties around the Grade II-listed former Covered Market, a step it says is essential to delivering Woolwich Exchange. The mixed-use scheme in the town centre spans roughly 3.19 acres and is intended to provide around 1,000 homes alongside new shops, restaurants, a cinema and public open space.

The project secured planning permission in 2021, but design changes mean a revised application will be submitted. The council has asked City Hall for support, including grant funding from the Greater London Authority (GLA), to buy the remaining plots; at present, the council only owns the Covered Market itself.

Greenwich Council leader Anthony Okereke said: "Woolwich Exchange is a key chapter in the Woolwich town centre regeneration story.

"It offers an incredible opportunity to deliver homes, jobs, and public realm improvements while bringing the former covered market back to life in an extraordinary way. But for us to get this project done, we need to take bold and decisive action, and that is what we plan to do."

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The council’s Cabinet is due to decide on Wednesday whether to proceed with the CPO. Officials say it must be made before 22 August this year or a fresh CPO will be required, risking years of delay. Even if the order goes ahead, the council has stated that no current occupiers will have to leave before 31 March 2028.

Following a review with project partner Spray Street Quarter, the council concluded that taking responsibility for land assembly would "remove a major barrier while giving confidence the scheme can move forward". According to council documents, the GLA has "well received" the funding bid, although the amount sought from Sadiq Khan has not been disclosed.

As part of the rethink, the area covered by the potential CPO has been reduced. Some buildings at the corner of Woolwich New Road and Plumstead Road will no longer be demolished. However, many other businesses on the site will need to relocate or close if the council acquires the land, ending years of uncertainty caused by rising construction costs and changing building regulations.

The council leader has said those affected by the CPO will be given six months' notice, and compensation and relocation support will be provided "where appropriate". Cllr Okereke said: "We understand that delays out of our control have created uncertainty among those affected by the CPO—[but there are] some who live or work in properties that now won’t be needed for land assembly due to the reduction in the size of the boundary, which was necessary in order for the scheme to remain deliverable.

"We will make sure that everyone affected is offered the right support from continuing to speak to them, as we have over the last few years, as well as looking at compensation and relocation support where appropriate."

Greenwich has also asked the Mayor for help to increase the level of affordable housing at Woolwich Exchange. Sir Sadiq's London Social and Affordable Homes Programme, announced earlier this year, has up to £11.7 billion available to support councils and developers. Eligible schemes must start on site by March 2036 and be completed by March 2039.

Because of the project changes, a new planning application will be required before work can begin. The council does not expect construction to start before 2028, which would still fall within the GLA's funding timetable. The currently unused indoor market is due to be refurbished ahead of the wider plans that include a new cinema.