Section 106 agreement signed for development in Greenwich

The proposed development 'The Movement' is a 2.2 acre mixed use scheme that has planning consent for 181 residential apartments, 358 student apartments and other commercial and community facilities. The development will be located along a new public street that will connect with the Docklands Light Railway line. It is being developed by a joint venture between Development Securities and Cathedral Group.

Construction is expected to start on the £110 million development within the next few months, the developers said.

The developers have also announced that contracts have been exchanged with regeneration expert Willmott Dixon, which will deliver the £60m residential element of the scheme. Contracts have also been exchanged with Travelodge for the pre-let of a 104 bedroom hotel.

The proposed development was granted planning permission by Greenwich Council planning committee in April 2011. As part of the recently signed section 106 agreement the developers have agreed to extend the community centre to provide an extra 2000 square feet of floorspace and increase its capacity by 250 people.

A section 106 agreement is a legally binding agreement under the Town and Country Planning Act which allows a local planning authority to agree planning obligations with a developer in association with the granting of planning permission. 

The agreements are a way of delivering or addressing matters that are necessary to make a development acceptable in planning terms and are agreed to support the provision of services and infrastructure, such as highways, recreational facilities, education, health and affordable housing.

“The Movement, Greenwich is an important development scheme which is progressing very well," said Michael Marx, chief executive of Development Securities. "We are pleased to be on schedule and ahead of business plan targets established on acquisition of this major development project.”