The £1.5 billion plan to develop the Silvertown Quays area of the Thames Gateway has been officially binned after its main backer failed to come up with the cash
A partnership between the landowner the London Development Agency (LDA), developer Silvertown Quays Ltd (SQL) and the Bank of Scotland, the east London scheme was set to deliver 5,000 homes and a Terry Farrell + Partners-designed aquarium.
However, after LDA grew tired of waiting for SQL to secure sufficient funds and set a deadline of last Saturday (13 February) to prove it had the financial clout to proceed with the project, which has been rumbling along since 2001.
The deadline has passed and the site is now expected to be incorporated into a larger masterplan for the docks, after talks with the Bank of Scotland to find another development partner also failed.
An LDA spokesman said: ‘[We deem] our agreements with Silvertown Quays Limited to have terminated, after the termination notices expired on 13 February 2010.
‘The LDA had, with reluctance, served termination notices on Silvertown Quays Limited last year. The London Development Agency then had discussions with Silvertown Quays Limited’s main backer, the Bank of Scotland. The Bank of Scotland proposed a new development partner and requested some revisions to the planned approach to the regeneration of the site, including a revised timetable for delivery and other changes to the existing commercial arrangements.
He added: ‘Having considered the information provided, the [we] concluded that it could not accept the proposals.
‘The LDA is now considering how best to achieve the future regeneration of the site – a key site for the overall regeneration of the Royal Docks.’
It is understood the Bank of Scotland had been in talks with housebuilder Barratt and developer British Land in a bid to keep the project alive - but that had also been rejected by the LDA.
Previous story (AJ 28.09.09)
Massive Silvertown Quays development mothballed by LDA
The long-awaited £1.5 billion plan to develop the Silvertown Quays area of the Thames Gateway have been shelved due to a lack of funding.
The scheme, which is a partnership between the landowner the London Development Agency (LDA), developer Silvertown Quays Ltd (SQL) and the Bank of Scotland, was set to deliver 5,000 homes and a Terry Farrell + Partners-designed aquarium.
However, the LDA has become tired of waiting for SQL to secure sufficient cash and has effectively pulled the plug on the flagship project, which has been rumbling along since 2001.
An LDA spokesperson said: ’With regret, after a prolonged period without progress, the LDA has decided to serve termination notices in respect of its arrangements with SQL.
‘This decision reflects the Agency’s concern to ensure that this land is released for longer term planning of development at Silvertown Quays – a key site for the overall regeneration of the Royal Docks.’
Architects hit by the decision include Terry Farrell + Partners, Patel Taylor, PKS Architects and Jestico + Whiles.