Earlier this week, London Mayor Boris Johnson gave the go-ahead to a project which has the potential to transform a derelict area of London’s docklands.
Boris Johnson with Communities Secretary Eric Pickles
The Silvertown Quays project, housed in the Royal Docks, will become a “shop free mall” of sorts, with two dozen state of the art brand pavilions allowing some of the world’s most prominent and successful brands the opportunity to showcase their most recent advancements in the fields of technology, fashion and entertainment.
British developers Chelsfield Properties and First Base, to be collectively known as the Silvertown Partnership, will mastermind the 50 acre development which has been set a budget of £1.5 billion.
While no retailers have yet signed up for the project, it is expected that requests for pavilion spaces will soon begin to flood in and, even better, this will have the knock on effect of bringing prosperity to the local community.
According to site owners, the Greater London Authority, the development could create in the region of 9,000 jobs whilst simultaneously channelling £6.5 billion into the UK economy over the next 25 years.
Managing director of First Base, Elliot Lipton, spoke of the financial and social potential of the key docklands development.
He said; “The Silvertown will allow global brands to showcase their products and be a thriving place for people to live, work and visit.
“These pavilions will also allow global brands to influence the online spending decisions of customers, which will be worth up to a total value of £221 billion by 2016.”
On top of the commercial space occupied by international retailers, the large development will also boast around 1,500 homes and a number of restaurants and leisure facilities. This has become an increasingly popular style of development in the UK of late, with a concentrated dose of “compact living” complexes focused in and around the Greater London area.
While the project does not yet have a forecast date of completion, Mr Johnson confirmed that early preparatory work will begin on the site in 2014/15 with the first businesses expected to move in sometime in 2017. Mr Johnson also spoke of his excitement at signing off on this pivotal project.
He said; “The confirmation of this deal to return Silvertown Quays to its former glory will bring thousands of new homes and jobs back to east London.”
Since the Olympics, the Mayoral office has been particularly focused upon the effort to regenerate areas surrounding the Olympic Park. In fact, it was only last month that Mr Johnson signed a deal for a £1 billion business district intended to act as a beacon for eastern investors. There are also plans to create the world’s largest “floating” village.
Previous Post
Canary Wharf Announces Jubilee Place Mall Tenants
