The Corporate Director of Inclusive Economy & Housing, Paul Kitson, approved the allocation of £734,000 from the United Kingdom Shared Prosperity Fund (UKSPF) towards the Stock Street Project, and a variation to the contract with the project's development partner, Create London. This decision, delegated by the cabinet on 6 May 2025, aims to support the regeneration of a heritage building into a community-led cultural and creative hub.

Stock Street Project Funding

The Corporate Director of Inclusive Economy & Housing, Paul Kitson, approved the allocation of £734,000 from the UKSPF to the Stock Street Project, with £700,000 designated as a capital grant for Create London 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 decision was made to bring forward key infrastructure works from Phase 2 into Phase 1, ensuring eligible expenditure by March 2026.

The Stock Street Project involves repurposing a council-owned heritage building at 31 Stock Street, Plaistow, into a mixed-use cultural and creative hub. 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 aims 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.

The report considered alternatives, including not accepting the additional funding or delivering Phase 1 without UKSPF integration, but these were 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.

Background Information

The report referenced several appendices providing background information, including:

• UK Shared Prosperity Fund Cabinet report dated 6 May 2025
• Community Wealth Building Delivery Programme: 31 – 35 Stock Street & Tate Institute Procurement for Capital Improvement Works –Cabinet report dated 6 July 2023
• Officer Decision Record - Award of Grant to Stock Street (Exempt)
• Grant Funding Agreement (Exempt)
• Phase 1 Tender returns (Exempt)