Mayor Boris Johnson has announced plans to transform the Royal Albert Docks into London’s third financial centre. The £1 billion development is intended to act as a gateway to the ‘tiger’ economies of the Asia-Pacific region and create around 20,000 new jobs.
The deal to develop the 35 acre site has been made with Chinese firm APB and represents one of the first direct investments in the London commercial property market from China.
When the state-of-the-art business district is completed, it will provide in excess of 3.2 million sq ft of high quality office, leisure and retail accommodation that will operate 24/7 enabling Asian businesses to work to Beijing time.
It is estimated that it will be worth around £6 billion to the UK economy and generate £23 million in business rates.
This will be APB’s first project in Europe and they will work with UK developer Stanhope and architects Farrells. However, the company has a proven track record in regenerating large sites, having recently completed a 15 million sq ft scheme in China.
Boris Johnson says the deal symbolises the revival of the historic role of the east London docklands, which were once the “throbbing arteries of UK trade and commerce.”
“This development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds investment for the economy,” he said.
It is believed that there is already firm interest in the site from a number of Chinese companies, including some of the country’s leading banks. The first tenants are expected to move in in 2017 and Crossrail will reach the site the following year providing the Royal Albert Docks – which is in close proximity to City Airport – with some of the best transport links in London.
