A historic market in Canning Town, east London, is set to receive a £180m transformation under plans unveiled by the English Cities Fund (ECf), a joint venture between Muse Developments, English Partnerships and Legal and General.

The 680,000sq ft (63,174sq m) regeneration of Rathbone Market is to be one of the first projects of a wider redevelopment masterplan of the Canning Town area. At the centre of the proposals for the site is a new market square, as well as 49,000sq ft (4,552sq m) of new shops and cafes bordering the square around the ground floors of the development.

A new 'front office' for the local authority will also be created, incorporating a new library, local service centre and improvements to links with Canning Town station and the market. Landscaped open spaces will also be created. Proposals for the scheme have been drawn up in consultation with the local community, the London Borough of Newham, and the strategic planning authority.

Howard Morris, ECf spokersperson, said: "Our plans for Rathbone Market will provide a vibrant, exciting and iconic development for Canning Town at a time when massive investment is being directed down the road at Stratford, in time for the Olympics. "It's absolutely crucial that this area sees the benefit of investment too, especially at this time of financial uncertainty."