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Final funding secured for £180m East London regen scheme

A £180 million East London regeneration scheme will go ahead having been granted the final £13m in funding from the Homes and Communities Agency.

The Rathbone Market redevelopment will provide a total of 650 new homes in the area as well as new shops and cafes, a revitalised market and community facilities. Work is expected to start in Autumn 2010.

The 680,000 sq ft scheme will be one of the first sites to be developed within the overall masterplan for the Canning Town and Custom House area.

The cash for the scheme had previously been at risk following funding cuts by the coalition government.

Newham Council will now be working with English Cities Fund, its development partner at Rathbone Market, to take the scheme forward.

Duncan Cumberland, development director at English Cities Fund, said:  “This is a real milestone for this project. Contractors will begin enabling works in the next few weeks and we are currently targeting completing the first new homes at Rathbone Market in 2012.”

English Cities Fund is a joint venture between Muse Developments, Legal & General and the HCA.