Stephen Timms, MP for East Ham, has welcomed the announcement from Newham’s Mayor, Sir Robin Wales, and the Mayor of London, Boris Johnson, confirming a new £1bn business park will be built in Newham’s Royal Albert Dock.
The proposed district, which Mr Timms has hailed as ‘an ambitious and exciting project’, will transform a 35-acre site at Royal Albert Dock. The developer, ABP Chinese, see it as a gateway for Asian and Chinese business looking to establish headquarters in Europe.
When the business district is complete it will have some of the best transport links in the capital, with direct access to central and west London via the new Crossrail route coming in 2018. London City Airport and the Emirates Airline cable car are also located in the Royal Docks.
The proposals will deliver 20,000 full-time jobs and boost local employment by 30 per cent, becoming London’s third business district. According to initial projections it will be worth £6 billion to the UK economy, generating £23m in business rates annually and act as a catalyst for further development in the area.
Working with UK developer Stanhope and architects and masterplanners Farrells, ABP have committed to developing 600,000 square feet in the first phase. With strong interest for office space already being shown by Chinese companies, including some of the country’s top banks, the first occupiers are expected in 2017.
The deal represents one of the first direct investments by a Chinese developer in London’s property market. The new business district will eventually be home to more than 3.2 million square feet of high quality work, retail and leisure space, including 2.5 million square feet of prime office space, creating a vibrant 24/7 destination on London’s waterways.
Speaking after the announcement Stephen said: “I am delighted with this announcement and, in my eyes, it confirms that London is moving east. I am thrilled at the estimation that 20,000 full time jobs will be created, boosting local employment in the process by up to 30%. Newham is full of potential and this new district will help realise that potential, making the area one of the most exciting, well-connected and investment-friendly parts of the capital.”