Islington Council has agreed to commit £5million to regenerate Highbury Corner – provided TfL pays the same amount.
Plans are being drawn up to move the post office and improve the public space in front of Highbury and Islington rail station.
The purpose-built post office branch would mean far more space for customers in the building and ease crowding in front of the station.
The Highbury Corner gyratory would also be removed opening up the green space at its centre to the public, as part of the joint project by Islington Council and TfL.
Islington Council’s Chief Executive, John Foster CBE, has fired off a letter to TfL’s Commissioner of Transport to outline the funding plan and set the ball rolling.
Cllr James Kempton, Leader of Islington Council, said: “By managing our money carefully, we’ve been able to put aside funding for this large-scale project. I believe residents would much rather see this cash invested in the borough – in a scheme that will create jobs and apprenticeships – than sitting in the bank earning paltry sums of interest.
“Highbury Corner is routinely described as 'one of the worst places in the borough’. We want to change that and provide a legacy for future generations.”
Works are planned to follow on from the opening of the East London Line in 2011/12 and expected to cost between £6million and £11million.
Page Last Updated: 12 June 2009