A major business port aimed at Chinese and Asian companies has been announced for London’s Royal Albert Dock. Backed by Mayor of London Boris Johnson, the £1bn will transform a 35 acre site in the Royal Docks Enterprise Zone owned by the Greater London Authority.
Headed by developers Stanhope and ABP, the development is estimated to create 20,000 full-time jobs and boost local employment in Newham by 30%. It is thought that the scheme will be worth £6bn to the UK economy when complete. Architects and masterplanners on the development are Farrells.
Office space within the development has already received strong interest from Chinese businesses and the first companies are due to move into the space in 2017. ABP have made a commitment to complete at least 600,000 sq ft in the first phase.
Mayor of London, Boris Johnson, said: “For centuries the waterways of east London were the throbbing arteries of UK trade and commerce. This deal symbolises the revival of that great era, continuing the re-invention of this once maligned part of the capital into a 21st century centre of trade and investment.
"Creating a third financial district in the capital, this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy.”