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Green light for £4bn Greenwich Peninsula regeneration

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One of the biggest UK regeneration schemes to date, Terry Farrell's £4 billion masterplan for the Greenwich Peninsula, has cleared a major hurdle, with planning minister Keith Hill announcing that all commercial contracts and planning discussions have been completed.

The 121 ha scheme will see 10,000 homes built on the peninsula and a 20,000-seat entertainment and sports venue designed by HOK Sport built in Richard Rogers'Millennium Dome.

Hill said the arena was due for completion in 2007 and would play a key role in London's bid to host the 2012 Olympic Games.

'This is a major milestone in the history of the capital's regeneration and a significant step forward in the wider redevelopment of the Thames Gateway, 'he said. 'The £4 billion of private sector investment, including £550 million cash return over the next 20 years, will bring new homes, services and infrastructure.'

The 20-year project will create 24,000 jobs and the first homes are due to start on site in 2006.

The developer said the scheme would 'set new benchmarks in urban mixed-use development and become one of London's finest districts.'

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