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The London Mayor, Boris Johnson, has recently announced plans to build upon the London Docklands in a deal worth £1 billion to the UK economy. The development at the Royal Albert Docks aims to establish a third business district in the capital and forge new trade links with the Far East, particularly China. The development will see 3.2 million square feet of new offices, leisure and retail space being developed to create a new vibrant business district in the capital.
The 35-acre site, which is owned by the Greater London Authority, will be developed by the hugely successful Chinese developer, ABP Chinese. This development will act as a gateway for Chinese and other Far East companies looking to set up headquarters in or move their business to the capital. The development aims to focus on all industries – including TMT, financial, and the knowledge-based sectors – and to help international companies to establish their UK base in order that they can concentrate further on the UK and European markets.
Alex Goode from Morgan Pryce believes, “This deal really signals a direct drive from the UK and China to invest together and the project also represents the largest direct investment from a Chinese developer in the UK”. The investment will have huge effects on the local economy and the wider UK economy, with a predicted 200,000 full-time jobs being created from the development, and a boost to the local Newham employment figures by 30%. In property terms they are likely to generate £23 million in business rates for the government.
The regeneration of the Royal Albert Docks is the next step in the London Mayor’s plans to regenerate the East End and in particular the London Docklands. This planned development in the East End is the latest in a number of large investments into the area, the largest investment of all coming from the huge regeneration project of the London 2012 Olympics, which aimed to put the East End of London back on the map by creating jobs, homes and by pumping millions of pounds’ worth of investment into the area. Other large developments in the vicinity include: the Emirates cable car, the Siemens Crystal Centre and the new homes planned at Great Eastern Quay as well as the plans for the UK’s largest floating village at the Royal Victoria Dock.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.