Mayor of London Boris Johnson hails �1.2bn Silvertown Quays plan

An historic part of east London that been derelict for decades is set for a �1.2 billion transformation which will create about 9,500 jobs.

Mayor of London Boris Johnson has announced property developer Chelsfield has been chosen by the London Development Agency as the preferred bidder for the 50-acre Silvertown Quays site within the Royal Docks enterprise zone.

The Chelsfield ‘pavilion’ plans include 228,570 square meters of commercial and retail space and 126,440 metres of residential homes.

The plans for a new district on the site will create about 9,500 permanent jobs and are estimated to create �3bn of economic benefit for the capital.

Mr Johnson said: “Despite one of the harshest economic climates in decades an urban renaissance is under way in east London and I have no doubt that Silvertown Quays will become a business destination of worldwide appeal.

“The Royal Docks has played a crucial part in the story of London’s success and we are delighted to have this innovative proposal that will help return it to its former glory.

“The ambitious vision set out in the plans perfectly complements a wider regeneration effort that is transforming east London, creating jobs and attracting investment from the Olympic Park right down to the Thames waterfront.”

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Chelsfield chief executive Robert Burrow said the Silvertown development will create a “new London destination for technology, medical and brand companies”.

He added: “There will be a mixture of sales, education, research and innovation centres which will be surrounded by housing and other uses to make The Silvertown another major east London mixed use project.“

Mayor of Newham Sir Robin Wales said: “Newham offers an investment opportunity on a scale unmatched anywhere in Europe. Two-thirds of London 2012 will take place in Newham and the eyes of the world will be on us, helping accelerate the change.

“Over the next two decades more jobs will be created in our borough than anywhere else in London.”

The Royal Docks enterprise zone will offer incentives to help maximise investment into the area.

Work on Silvertown Quays is expected to start in two years and be completed in 2018.