LTGDC asset transfer set to boost Mayor of London regeneration coffers

A hefty £34 million worth of assets are set to transfer to the Mayor of London’s new housing and regeneration arm later this year maintaining the momentum of regeneration in east London, it was revealed today.

The transfer comes in the aftermath of the passing of the Localism Act and with it the creation of the new Mayoral Development Corporation covering the Olympic Park and Olympic Fringe. Under the new arrangements all LTGDC projects outside the new Mayoral Development Corporation area will transfer to the Greater London Authority.

After the successful stewardship of planning and development activity in east London since 2005 which has secured over £6 billion of private sector investment along with planning consents with the potential to deliver over 18,000 homes and 15,000 jobs, LTGDC will transfer all its development assets and staff to the MDC and the GLA in April 2012 and will transfer its planning responsibilities for the Lower Lea Valley  to the new Mayoral Development Corporation and the relevant local authorities in October 2012.

Speaking today on the asset transfer LTGDC Chairman Bob Lane said;

‘The asset transfer is excellent news for both east London and the capital. It’s a testament to the effective management of LTGDC over the last 6 years that they are as substantial, containing many key developments that will be an essential part of securing east London’s prosperous future.

Assets set to transfer to the GLA include the 25 hectare London Sustainable Industries Park at Dagenham Dock, new homes development at Barking Riverside, the Creative Industries Quarter in Barking Town and both land and development sites in  Rainham Village, Havering.

A three week consultation with local councils on the asset transfer begins today.  After this point an Order is planned to be laid in Parliament in March providing legal sanction for the transfer.

Mr Lane continued:

‘With our assets come an expert and dedicated staff who know east London and its challenges intimately and the proven skills to overcome them.  They will be an asset to both the new MDC and City Hall in driving east London’s regeneration to a successful and fitting end. I thank them all for their hard work and dedication and their sheer level of achievement over the last 6 years.’

Further information from Patrick Edwards, Head of Communications, LTGDC Tel:  +442075174734 , Mobile +447825451424 patrick.edwards@ltgdc.org.uk