* £15 million earmarked for improvements to station to be delivered as part of the redevelopment of Walthamstow Mall
* Money announced is from TfL’s Growth Fund that supports delivery of major transport improvements across the capital to help unlock new housing and jobs
* Money will provide second entrance to station directly into the new and expanded Walthamstow Mall
The Mayor of London, Sadiq Khan, today announced £15 million funding to improve Walthamstow Central Station. The announcement follows negotiations between Waltham Forest Council, Greater London Authority (GLA)and Transport for London (TfL) to improve the station and help to unlock homes, jobs and growth.
The funding has been granted to enable the enhanced capacity to be provided as part of the redevelopment of Walthamstow Mall, which will involve £200 million private investment earning an estimated £25 million additional retail spend.
Mayor Sadiq Khan approved the development on Tuesday 20 March underlining his commitment to working with Waltham Forest Council and ensuring the continued regeneration of Walthamstow.
The plans to redevelop Walthamstow Mall, approved by Waltham Forest Council planning committee in December 2017, will provide 8,000 sq meters of new retail space, 350 new permanent retail jobs, 500 new homes, a new children’s play area and re-landscaped town square.
The scheme has substantial costs due to complex foundation works aimed at avoiding damaging the nearby tube line and station, coupled with the need to keep the shopping centre open during construction. Despite this an increase in the level of affordable housing from 20 per cent to 30 per cent was achieved following negotiations between the GLA, the council and the developer Capital & Regional. An additional £7.3 million contribution from the developers will be used to build new homes for affordable rent in Walthamstow, ensuring we deliver the council’s priority of delivering truly affordable new homes.
First priority for all affordable homes built in the borough will go to residents.
TfL’s Growth Fund is designed to help finance sustainable transport infrastructure schemes that could unlock development and regeneration opportunities in some of London’s most important growth areas.
Analysis by TfL shows the upgrade of the Victoria line station will help support around 2,000 new homes across Walthamstow town centre and provide capacity for future growth in the area. This scheme would provide a second entrance to the station as well as deliver step-free access.
Waltham Forest Council Leader, Clare Coghill, said: “We welcome this announcement from Transport for London which will support our already ambitious plans to rejuvenate Walthamstow. Improvements to the station will support The Mall redevelopment which is bringing an improved retail experience and more jobs to the area, as well as hundreds of much needed new homes, and rejuvenated town centre which will become the beating heart of the community.
“This investment will see huge benefits for our growing population, ensuring that everyone, especially those with mobility difficulties, are able to easily access the capital’s public transport system and it will further cement the area as a destination for Londoners looking to live, socialise, shop and soak up the culture in Walthamstow.”
Mayor of London, Sadiq Khan, said: “I’m delighted to be announcing the next four schemes that will benefit from our Growth Fund – millions of pounds of investment that will directly improve people’s daily experience on our public transport network and unlock vital new housing and jobs. As London’s population grows, it is essential we continue to build world-class infrastructure like new Tube stations across the capital, but also target improvements in a way that can help deliver the new homes Londoners desperately need.”
Alex Williams, Director of City Planning at TfL, said: “Good transport links are vital to supporting growth in a city. Our Growth Fund is helping to unlock transport schemes which might not have been funded, helping to create more homes and jobs across London. By promoting ‘good growth’ across London, we can help the capital continue to prosper while providing new transport options for Londoners.”