An £8.5 million scheme to move Hackney Wick railway station in east London further down the track closer to the Olympic Park has been agreed by City Hall—but still has to make the final hurdle to get the cash.

The scheme been put forward by the London Legacy Development Corporation to help boost regeneration of the area around the Olympic Park is one of four projects across London shortlisted for Whitehall regeneration funding.

Improvements would include shunting the Overground station a few hundred yards east, nearer to the park and the iCITY high-tech centre in the former Olympics media centre, installing lifts to the platforms and a new pedestrian route north-to-south through the railway embankment.

It has been agreed by the London Enterprise Panel, the forum for businesses, local authorities, Mayor of London and TfL, and now goes before City Hall’s investment board for the final green light.

Legacy Development Corporation’s Dennis Hone said: “These improvements will help unlock opportunities for business and jobs and improve access to east London.”

The Corporation sees the station modernisation as the key to regenerating the Hackney Wick and Old Ford areas including Fish Island, to create thousands of new jobs and 6,000 new homes.

It is thought to be “80 per cent certain” to get the funding go-ahead. A final decision by the investment board is expected by the New Year, with the work likely to start in February 2015.