Mayor of London, Ken Livingstone, has given the green light for development on the Greenwich Peninsula, the former site of the Millennium Dome. 10,010 homes will be built, with more than 4,100 of these (41 per cent) affordable or specialist low cost homes.

His decision follows negotiations that have secured an increase of 195 per cent in the original number of affordable and low cost homes for the site.

Ken Livingstone said: “I am delighted to give the go-ahead to this major, impressive development in one of London’s vital regeneration areas.”

“Many people believed increasing the proportion of affordable homes above 35 per cent would not be possible. These new plans show their concerns were unfounded. Holding out for more affordable homes means that we will give east London just the vibrant new communities it is crying out for.”

“This will also help meet the capital’s pressing need for more affordable homes - in reach of nurses, teachers, police and others vital to the health of our capital.”

Additional benefits the Dome-site development will bring include:

• 26,000-seater arena for major sporting and entertainment events.
• Up to 24,000 new jobs over the next 20 years.
• 592,600 sq metres commercial space.
• £15.4m to improve public transport in the area.
• Approximately £50m towards schools, healthcare, culture and other community benefits.

The announcement gives a further boost to London’s Olympic bid, which focuses on east London - following the appointment today of Barbara Cassani as bid chair.

The original plans for the site from developers Meridien Delta Ltd (MDL) proposed only 7,000 homes on the site, of which 30 per cent would have been affordable (2,100). The Mayor asked MDL to increase the density of the homes, which led to a rise to 10,010.

Following financial assessments and further negotiations, the proportion of affordable and low-cost homes has risen to 41 per cent (4,104). This consists of 38 per cent affordable homes and 3 per cent specialist low cost homes.