The future regeneration of London's Greenwich Peninsula reached a major milestone on Friday with the final conclusion of the landmark deal to deliver £4 billion of private sector investment, alongside thousands of new homes and jobs to benefit the local area and the wider Thames Gateway region.

The historic regeneration scheme, one of the largest ever in the UK, will provide 10,000 new homes. 3,800 of these will be affordable homes for key workers such as teachers and nurses, with a further 300 for students and people with special needs. The scheme is expected to create an estimated 24,000 new jobs for the regional economy.

Other benefits for the community include new primary and secondary schools, nursery and health provision, transport improvements and support for local employment and training.

A world-class entertainment and sports Arena is being created within the Dome that will seat up to 20,000 people. Due to be completed by Spring 2007, it is already playing a key role in London's bid to host the 2012 Olympic Games.

Today's announcement marks the successful completion of all commercial contracts and planning negotiations between national regeneration agency, English Partnerships, and the developers of the Greenwich Peninsula, Meridian Delta Ltd (Lend Lease & Quintain Estates and Development plc), Anschutz Entertainment Group and Greenwich Council.

Work on infrastructure upgrades needed to prepare the 121 ha site for this massive regeneration project is due to begin later this year. Development will continue over the next 20 years, with construction of the Arena starting in Spring 2005 and the first homes starting in 2006.