Ambitious plans for a multi-million-pound creative district in Woolwich are “well within budget”, a top councillor has confirmed.

Questions were raised at the town hall whether the proposed revamp of wartime buildings was running to target.

The scheme will eventually feature artistic performance spaces, a courtyard, market area and exhibition zones.

The final development will include a 450-seat theatre, 600-seat performance courtyard as well as rehearsal studios, offices, restaurants and community spaces.

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Opposition councillor Matt Clare has previously queried whether the project will bring value for money for the borough, and on Tuesday sought confirmation that plans were within budget.

He said: “It is a significant envelope of £31 to £44m. I know we are still in the early stages but I hope there is a very detailed budget for such a significant spend – are we ahead or behind?

“If I am honest with you the upper number is terrifying when you consider everything else going on.”

Cabinet member for leisure, Miranda Williams, replied: “The project board meets fortnightly and at every single meeting we make sure it is coming in on target. It is coming in on target and we are well within budget”.

Council bosses also confirmed that the public will be asked for name ideas for the area, but said it will have to feature “Woolwich”.

The council is planning to draw from the history of the area, including suffragettes and other wartime influences, to name rooms.

It is hoped that the £31m creative quarter will kick-start regeneration in the riverside town.

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Punchdrunk was recently confirmed as the first act to move in, coming with a large international following for their immersive theatre.

The final project will have converted the old munitions buildings into a 2,000 capacity music hall, exhibition space and an improved courtyard.

Bars and cafes have also been included in the project, along with rehearsal and dance studios and space for an outdoor market.

Earlier this year the cabinet member councillor Williams said: “Residents will benefit from this for decades to come, it will be one of the best cultural hubs in London.”