A joint venture (JV) partnership between St Modwen and Notting Hill Genesis has secured planning consent from the Royal Borough of Greenwich council for the $568m (£400m) Woolwich Exchange regeneration scheme in London, UK.

The proposal will see the transformation of the Grade II-listed former covered market in Woolwich, SE18, into a new five-screen Picturehouse cinema, cafés, bars and restaurants.

The project will include 801 homes, which will be built in place of existing buildings in the town centre and designed for flexible living, with space to live and work at home.

Out of the 801 homes, 158 of them will be offered as affordable tenures, of which 56 homes will be family-sized.

The regeneration scheme will also include new green, public spaces and new community facilities such as a nursery, children’s play areas and workspaces.

It will also feature extensive benches and outside seating for cafés, bars and restaurants.

Additionally, the historic former covered market on Plumstead Road will be retained.

Picturehouse Cinemas has also announced plans to open Woolwich’s first cinema in a generation after the closure of the Coronet in 1999.

St Modwen senior development manager Gary Morris said: “Woolwich Exchange is an ambitious regeneration that will transform this part of the town centre while also respecting the area’s rich heritage.  Adding a new cinema within the historic covered market building is going to be a spectacular addition to the area.”

As part of the approved plans, most of the historic buildings on Woolwich New Road will be preserved and enhanced.

The project is expected to create more than 600 temporary jobs during the construction phase and approximately 200 permanent jobs in the retail, leisure segments.

Construction work on the regeneration scheme is expected to commence in 2023.