Greenwich Council has submitted a bid for £3.01 million to regenerate Plumstead High Street.

The money would come from the Greater London Authority's (GLA) Good Growth Fund, a new initiative designed to support “innovative regeneration projects” across London.

The borough’s ‘Plumstead- Embrace the Change’ bid was submitted to the GLA on Friday, January 5.

If the bid is successful, the money will help transform the High Street.

The bid also includes revamping Plumstead Power Station to build 60 new offices and community and event spaces which could provide pop up food and craft markets.

A minimum of 20 units or spaces would be ring-fenced for start-up businesses.

As part of its proposal to the GLA, the borough had to match the funding by 50 per cent.

The council will begin the regeneration of Plumstead in spring when the decision on the bid is made.

Councillor Danny Thorpe, Deputy Leader, and Cabinet Member for Regeneration and Sustainability, said: “The Good Growth Fund is about supporting community development projects that are innovative and inclusive.

“This has been a very competitive process as so many parts of London are looking to the Good Growth Fund for investment.

“We are confident we have put together a good bid that more than meets the requirements and will bring real and substantive change to Plumstead.”