London mayor Boris Johnson, has confirmed a £1.5bn deal with The Silvertown Partnership to transform Silvertown Quays in London’s Royal Docks into a new innovation quarter and destination for global brands.
The deal will see the site, currently owned by the Greater London Authority, transformed into the world’s first cluster of purpose-built centres for product innovation, where top brands will be able to showcase their latest products and interact with customers in an entirely new way. It could create more than 9,000 new jobs and potentially boost the UK economy by £6.5bn when complete.
The plans will see a new waterside destination that will be home to innovative design, high technology and green enterprise. The new quarter will also contain space for incubator and technology businesses as well as more than 1,500 new homes, restaurants, cafes, galleries and leisure facilities.
At the heart of the site will be a grand avenue of state-of-the-art ‘brand pavilions’, where top brands from across the world will be able to showcase the future of their products, creating a new brand destination in London.
The 50 acre site will also benefit from a new bridge connecting it to Excel, giving visitors and residents access to new transport links, including a new Crossrail station with express services to the City (10 mins) and the West End (17 mins).
“The regeneration of London’s historic Royal Docks continues apace. The confirmation of this deal to return Silvertown Quays to its former glory will bring thousands of new homes and jobs back to east London. It will also make the Docklands a must go visitor destination helping to unlock the economic potential of surrounding areas,” said Boris Johnson.
Work on the first phase of the site is expected to begin in 2014/15 with the first businesses moving in in 2017. The whole development is expected to create £6.5bn of economic benefit for the UK economy over the next 25 years.
“We welcome this deal to transform Silvertown Quays, a major part of the Royal Docks into a vibrant, world-class destination,” said Sir Robin Wales, mayor of Newham.
“The Royal Docks Enterprise Zone offers an unrivalled investment opportunity on a scale unmatched anywhere else in Europe and this development further strengthens Newham’s growing reputation as the destination of choice for business and innovation.”
The area has recently seen the opening of the Emirates air line.
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