A former munitions factory will become a 4,000-seat performance venue. There will also be a small 450-seat theatre and a 600-seat open-air courtyard theatre. Rehearsal space will be provided for both individual artists and theatre companies.

In total the new arts facilities will cover almost 160,000sq ft. Once the buildings are renovated Greenwich intends to set up a trust to run the venues and says it is already negotiating with theatre, dance, music and performance companies.

Planning permission for phase one, covering restoration work and pop-up theatres, was granted this summer.

“A number of international arts and performance companies are looking to make the Woolwich Creative District their new home and discussions are under way for an exciting place-making show to launch the site in 2019,” said a spokesman.

New homes are in abundant supply in Woolwich, led by Royal Arsenal Riverside, a massive Thames-side development where, by 2030, more than 5,000 will be built. In the current crop of homes, one-bedroom flats start at £320,000 and three-bedroom flats are priced from £585,000.

Beyond the Royal Arsenal there is Trinity Walk, a collection of 445 new flats and townhouses, a mile from Woolwich Crossrail station, which are part of the £400 million regeneration of some of the area’s ageing council estates. Prices start from £350,000 for one-bedroom flats, £590,000 for three-bedroom townhouses and £600,000 for four-bedroom townhouses. London Help to Buy is available on all homes under £600,000, cutting deposit requirements down to five per cent.

Source: Homes&Property