ON MAYOR Boris Johnson has revealed that Chelsfield, the property firm run by Sir Stuart Lipton, has been picked for the fiercely contested £1.2bn regeneration of Silvertown Quays in London’s East End.
The 50-acre site owned by the London Development Agency is one of the largest derelict sites within the proposed Royal Docks Enterprise Zone.
Its transformation is expected to create about 9,500 jobs, as well as providing 228,570 square metres of commercial and retail space and 126,440 sq m of housing.
“Despite one of the harshest economic climates in decades an urban renaissance is underway in east London and I have no doubt that Silvertown Quays will become a business destination of worldwide appeal,” Johnson said.
The Chelsfield consortium, including First Base, Imagination Europe, Delancey’s DV4 and Berkeley’s St George subsidiary, will sign a final contract with the LDA within a few months.
Work on Silvertown Quays is expected to start within two years.