Plaistow's Stock Street Project, aiming to create a community-led cultural and creative hub, has received a significant boost with the allocation of £734,000 from the United Kingdom Shared Prosperity Fund (UKSPF). The total council investment in the project is now £1.715m, comprised of £1.015m from the Levelling Up Fund (LUF) and £700k from the UKSPF.
The decision, approved by the Corporate Director of Inclusive Economy & Housing, Paul Kitson, on Friday 31 October 2025, includes a £700,000 capital grant for Create London, the project's development partner, to advance Phase 1 construction. The remaining £34,000 will support the council's capital programme delivery, covering project management for the enabling works. This move aims to accelerate key infrastructure works from Phase 2 into Phase 1, ensuring eligible expenditure by March 2026.
The specific 'enabling works' being accelerated include core structural and infrastructure elements such as the installation of stairs and a lift, internal partitions and finishes, sanitary fittings, mechanical and electrical systems, fixtures and fittings, roof works, demolitions, and associated preliminaries like scaffolding. These works are crucial to complete by March 2026 to comply with UKSPF guidelines.
The Stock Street Project focuses on repurposing a council-owned heritage building at 31 Stock Street, Plaistow, into a mixed-use cultural and creative space, providing affordable workspace, community infrastructure, and skills development space. The council has been supporting the project through the Levelling Up Fund (LUF), with Create London appointed as the development and operating partner.
The project aligns with the council's Building a Fairer Newham objectives and Community Wealth Building strategy by delivering affordable workspace, local jobs, and community benefits. The additional funding is intended to strengthen Create London's ability to secure further match funding from national grant bodies.
The decision also included varying the grant funding agreement with Create London, increasing the funding available for capital works by up to £700,000, and varying the purchase order to reflect the additional UKSPF allocation. Authority was delegated to the Director of Community Wealth Building, in consultation with Legal and Finance, to finalise the funding agreement terms and oversee delivery assurance measures. The Stock Street capital budget was also increased by £734,000 to reflect the UKSPF funding allocation.
The report noted that tender returns for the construction element of the project were higher than anticipated due to market pressures, with construction prices rising by 6-8% between late 2023 and mid-2025. Despite the increased costs, the project is considered to represent strong value for money.
The UKSPF investment aligns with the council's Community Wealth Building strategy, focusing on inclusive growth, supporting local economies, creating opportunity and prosperity, and strengthening civic infrastructure.
Alternatives, including not accepting the additional funding or delivering Phase 1 without UKSPF integration, were considered but rejected as they would delay progress and increase reliance on unsecured future fundraising.
The Mayor of Newham, Rokhsana Fiaz OBE, and the Director of Community Wealth Building were consulted and are supportive of the proposal.