Boris Johnson has signed a deal which will see a 20 hectare ‘innovation quarter’ designed by AHMM and Arup built in London’s Royal Docks
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The London Mayor announced that developers Chelsfield and First Base had put pen to paper on the master development agreement for Silvertown Quays more than a year after winning the rights to redevelop the high-profile site in east London.
The news follows hot on the heels of proposals revealed late last month by Terry Farrell for a massive £1 billion business park for Chinese companies in the nearby Royal Albert Dock.
AHMM and Arup’s development features a string of ‘brand pavilions’ for consumer companies to showcase their latest products to the public.
Arup is masterplanning the huge scheme and has drawn up plans for most of the proposed blocks with the exception of the existing, waterfront Millennium Mills building which is being converted into a mixed-use scheme by AHMM.
Sited on the Royal Docks Enterprise Zone, the project will benefit from a developer project planning performance agreement, enhanced capital allowances and business rate uplift retention for 25 years.
A new bridge is also planned to connect the former docklands site to the nearby ExCel conference centre where a new Crossrail Station is planned.
Elliot Lipton of the project backer Silvertown Partnership said: ‘Stand-alone brand pavilions have been built for the last decade around the world but this will be the first time that a brand park has been developed.
‘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.’
London mayor Boris Johnson said: ‘The regeneration of London’s historic Royal Docks continues apace. 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. It will also make the Docklands.’
An outline planning application is expected to be submitted to local authority Newham Council in the next 12 months.
Construction is expected to start in 2014 with the first businesses moving in three years later.
AHMM and Arup’s £1.5bn Silvertown vision agreed