September 23 2014 Latest news:
Sophie Morton, Reporter
Thursday, July 24, 2014
Plans for a new business district in the Royal Albert Dock have been approved by Newham Council.
Chinese developers Asian Business Partnership (ABP) and UK development manager Stanhope submitted a proposal to transform the dock into a 35 acre hub back in April, with the council’s Strategic Development Committee granting planning approval on Wednesday.
Up to 20,000 new jobs will be created by the £1 billion scheme, which is designed by architects Farrells and will see office space, homes and retail units built.
Chairman of ABP, Xu Weiping, said: “I am delighted with Newham Council’s decision to grant permission for Royal Albert Dock.
“This permission is not just important for ABP; it is a huge step forward for the wider regeneration of the Royal Docks.
“We look forward to getting started on the first phase which will deliver around one third of the site.
“We have seen high demand from China and the Far East and hope to complete this first phase by 2018, generating economic activity and creating thousands of new jobs over the next five years.”
Sixty Chinese companies have already expressed an interest in occupying office space on the site.
It is intended to bring £6 billion worth of investment to the borough and bolster trade links with Asia.