Streatham News
Match funding could risk £6million town centre investment
7:30am Wednesday 22nd February 2012
A £6m boost for two recession-hit high streets is at risk of being squandered, it has been claimed.
The investment from the Mayor’s Outer London Fund was announced last month for Streatham High Road and Norwood High Street, which have both been badly affected by increasing rents and declining profits for small businesses.
Streatham town centre was provisionally awarded a £1.58m grant, while £1.33m has been set aside for West Norwood – an additional £3m from public and private sector groups, including the council, is needed. The money could be lost if officers fail to identify £962,000 required.
The money would be used to pay for a variety of improvements such as lighting projects and road upgrades.
In Streatham, plans include remodelling the central reservation, renovating shop fronts and creating a new community space on the ground floor of Streatham library.
Down the road in West Norwood, developers hope to restore water fountains, build a pop up cinema in the community centre and create a special art trail through the cemetery.
The town’s popular food market, the West Norwood Feast, would also be expanded to attract more visitors to the area.
If agreed, the council would also be required to publicise the funding boost, just in time for the next Mayoral election.
Councillor Jeremy Clyne, Liberal Democrat spokesman for culture, said the council was at risk of losing the funding if it did not agree to match it by the April deadline.
He said: “Lambeth’s dithering over 20 per cent match funding is putting at risk the whole award for Streatham.
“I’ve written to council leader Steve Reed asking him to make an urgent statement about this.”
“It would be disastrous if this funding was lost.”
The council is yet to confirm whether the investment will be secured, but further confusion was sparked last Tuesday, February 14, when Councillor Sally Prentice, cabinet member for employment and enterprise, posted on Twitter: “Lambeth awarded £5.8m from Mayor’s Outer London Fund.
“Excellent news for Streatham and Norwood high streets.”
Councillor Nigel Haselden, cabinet member for regeneration, insisted the town centres were still set to receive the cash, but match funding was a new requirement of the bid.
He said: “We are in line to receive nearly £3m from the fund, which is great news.
“But the Mayor has now said we must match fund these bids.
“Funding is still subject to contract, and the council formally agreeing to contribute £1m in match funding.”
A council spokesman added officers were considering “next steps”.
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