Islington Council has secured £2m of central government regeneration funding to improve one of the borough’s prime development areas. The funds will be used to help transform an industrial site by the City Road Basin into a new public space and to improve accessibility.
Plans are in place to transform City Road Basin – the area of waterfront leading off the Regent’s Canal and next to City Road – from an under-used site into a hub of new housing and mixed developments. To help achieve this, a ‘masterplan’ has been developed, which includes 900 new homes.
Bridget Fox, executive member for sustainability, said: ‘Councillor Bridget Fox, executive member for sustainability said:
"Our aim is to transform the old industrial site through the City Road Basin master plan, developed after years of local consultation. It's great news that we have received £2 million of government funding to help deliver our exciting plans, which include more than 900 new homes, increased public open space and renewed youth & leisure facilities."
This initial funding is for an isolated site at the head of the basin, currently occupied by EDF facilities. The site is located between City Road and the Regent’s Canal Basin. Currently it is not possible to access one from the other - so people can't easily get to the basin for a walk or other leisure pursuits and the basin is cut off from transport links (such as the main road and Angel and Old Street tube and rail stations). The plan is to sink existing equipment underground and transform the space above into an open, public space – linking the road to the waterfront and vice versa.
The money comes from the Office of the Deputy Prime Minister and is targeted at areas where it can facilitate new housing development. It has been provided as part of a government priority of increasing housing provision of a good quality without compromising the environment. Islington has been classed as an 'Opportunity Borough' - one of only three in London - which makes it eligible for this additional funding.
It was agreed that 10% of the total ODPM funding would go to new greenspaces and this project falls into that category.
ends
Page Last Updated: 29 July 2008