Funding secures future of ‘at risk’ market scheme

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A market redevelopment project in London that could have stalled as a result of government funding cuts has secured a £13m boost.

The Homes and Communities Agency (HCA) funding will enable work on the £180m Rathbone Market project, in the Canning Town and Custom House area, to begin.

The cash for the scheme – which will provide 650 new homes, a revitalised market and retail and community facilities - had previously been at risk following funding cuts.

But the project is now expected to start this autumn, with Newham Council working with development partner English Cities Fund to take the scheme forward.

Conor McAuley, executive member for regeneration and strategic planning, said: ‘The regeneration of this area is one of the greatest priorities for Newham Council.

‘We have been working very hard with our partners and developers to secure the future of the project. The plans will radically transform the area into a thriving place of choice for existing and new residents and businesses.’

Jonathan Martin, HCA head of area for east London, added: ‘The HCA has worked closely with Newham Council to ensure that this important housing project can get back on track and the council’s wider housing objectives can be met. I’m sure local people will welcome the addition of new community facilities to their area.’

Contractors will begin enabling works in the next few weeks, with a target of completing the first new homes in 2012.