£6bn in private investment pumped into Royal Docks
The Royal Docks has become the epicentre of an explosion of growth with new figures showing that £6billion of private sector investment is pouring into the regeneration project.
After decades lying dormant, developments long in the planning are quickly taking shape, promising to transform the landscape and turn the quiet area into a buzzing metropolis.
The developers behind a number of multi-million-pound projects – from housing to hi-tech hubs – say they are now working closer than ever to provide momentum for the project and capitalise on this sudden blossoming.
Some 15,000 new homes are earmarked for the brownfield land along with 8million sq ft of commercial space, all generating an estimated 60,000 new jobs – 50% higher than the previous estimate.
This means the Royal Dock’s will become the second biggest Opportunity Area for jobs in London Overtaking places like Old Oak Common,
Projects include ABP, the Chinese Business Park, Silvertown Quays, Royal Wharf , Waterside Park, Royal Albert Basin all serviced by Crossrail and increased flights from London City Airport .
Deputy Mayor of London for Housing & Land Richard Blakeway said: “The potential that is being realised in the Royal Docks is incredible.
"Not only has the Mayor of London been overseeing the release of GLA land to create thousands of new homes and jobs but by working together with Newham and the private sector we are creating a business and visitor destination that once again become a powerhouse of the London economy.”
Read more London mayor clears £3.5bn Silvertown Quays project
Chief executive of The Silvertown Partnership Simon Webster said: “Working together this group of private sector partners, alongside the GLA and Newham, are putting the Royal Docks on the map.
“We are creating a new piece of our capital that addresses the need for new homes and creating affordable workspaces alongside corporate HQ buildings that create thousands of jobs.”
Cllr Ken Clark, Cabinet Member for Regeneration and Planning at Newham Council, said:
“Newham Council wants to see this historic area returned to its former glory as the beating business heart of the capital. We will work with the developers to ensure that our residents will benefit from this regeneration.”
Developers say that 2016 is going to be a landmark year in the transformation.
■ The two biggest projects, Silvertown and ABP’s Royal Albert Dock, will start construction on site having both finalised their planning consents.
■ The first phase of ABP’s hub for Asian business at Royal Albert Dock is already 70% pre-let with more to be announced and Silvertown will make a funding announcement in the summer.
■ Ballymore’s Royal Wharf first phase of 800 homes will be completed and the final phase has launched for sale.
■ The Silvertown Partnership (First Base, Chelsfield, Macquarie).
■ Ballymore at Royal Wharf
■ ABP at Royal Albert Dock.
■ London City Airport.
■ ExceL London.
■ Notting Hill Housing Association at Royal Albert Wharf
■ Strawberry Star at Hoola E16.
■ Galliard Homes at Peruvian Wharf
■ Mount Anvil at Western Gateway.
■ Barratt London at Waterside Park
■ Galliford Try at Silvertown Way
■ Bouygues Development at Pontoon Dock
■ Igloo Carillion at Royal Victoria Dock Floating Village
■ University of East London.