A £1.5BN deal to redevelop Silvertown Quays in London’s Royal Docks was given the green light by Boris Johnson yesterday, in move that could create 9,000 new jobs.
The London Mayor said the deal would see Silvertown Quays turned into “a new innovation quarter” that could boost the UK economy by £6.5bn over the next 25 years.
Plans for the 50-acre site, which is owned by the Great London Authority, include an avenue of “brand pavilions” where companies can display their products, similar to the Siemens base near the site.
The new quarter will also contain incubator space for technology start-ups as well as more than 1,500 new homes, restaurants, cafes, galleries.
The deal is part of the Mayor’s wider strategy to turn the Docklands into the next business district and comes a month after he revealed a £1bn tie-up with Chinese investor ABP to build a new business centre at Royal Albert Dock.
Johnson said it would “return Silvertown Quays to its former glory” and help “unlock the economic potential of surrounding areas”.
It will be developed by Silvertown Partnership, a consortium between developer Chelsfield Properties and regeneration company First Base.
Work on the first phase of the site is expected to begin in 2014-15.