Lambeth Council will invest £4.5 million into new workspaces, street improvements and street market infrastructure at Brixton’s Rec Quarter, which includes Brixton Market and the grade II listed Recreation Centre.
The Greater London Authority granted the council £2.17m to invest in the area around the Brixton Rec.
But the council had to match the GLA funding.
The council has allocated £825,000 of Community Infrastructure Levy money towards improvements to Brixton Station Road and Beehive Place, and has approved plans to borrow £700,000 to convert storage space at the Rec into workspace.
The matching also includes a further £800,000 of capital investment made in to International House, an affordable workspace, by operator 3Space and their tenants.
Brixton is an area of high deprivation where the number of out of work benefit claimants is significantly higher than the London wide figure of 11.6%, including 18.4% of Coldharbour residents, 16.5% in Tulse Hill and 12.4% in Brixton Hill.
It is hoped the investment will create more employment opportunities and attract more businesses to the area, the council report explains.