London Mayor Boris Johnson today confirmed the deal with lead developer Chelsfield to regenerate the Silvertown Quays site in the Royal Docks in London.

Chelsfield, alongside partners Imagination Europe and First Base are planning more than 3m sq ft of mixed-use space on the 50-acre docklands site owned by Government.

The Silvertown Partnership Group has now signed a masterplan development agreement with the Greater London Authority to build a new London quarter.

At its core stands the plan to build a series of branded pavilions to showcase and exhibit products from leading global brands.

The developers claim the re-enlivened dock will be the world’s first cluster of purpose-built centres for product innovation.

According to the masterplan it will be surrounded by 1,500 new homes, restaurants and leisure facilities both on and off the water.

An outline planning application is now being prepared and will be submitted to the London Borough of Newham within the next 12 months.

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.