£1.5 billion deal will transform Silvertown Quays to brands centre
- Credit: Archant
Silvertown Quays will be transformed into a centre for global brands following a £1.5 billion deal to regenerate the area.
It will turn the area in the Royal Docks into a new innovation quarter and destination for global brands, creating over 9,000 new jobs and boosting the UK economy by £6.5bn when complete.
The site, which is currently owned by the Greater London Authority, will be transformed into the world’s first cluster of purpose built centres for product innovation, where top brands will be able to showcase their latest products and interact with customers in an entirely new way.
It will transform this part of the Royal Docks from the industrial to the digital age by creating a new waterside destination that will be home to innovative design, high technology and green enterprise where people can come to research, learn and discover new products and ideas.
Work on the first phase of the site is expected to begin in 2014/15 with the first businesses moving in in 2017. The development is expected to create £6.5bn of economic benefit for the UK economy over the next 25 years.
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Sir Robin Wales Mayor of Newham said: “This proposal will help to unlock future developments and investment. It will also create thousands of new jobs for Newham residents and with a young and energetic workforce, we are ideally placed to accommodate much of London’s eastwards growth in the 21st century.”
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