3 June 2013
A Chinese developer will pump £1 billion into London’s Royal Albert Docks to create a commercial district targeting companies from China and Asia.
ABP China (Holding) will transform the 35-acre site into the UK capital’s third business district.
Working with UK developer Stanhope and architects and masterplanners Farrells, ABP will make the site home to over 3.2 million square feet of high quality work, retail and leisure space, including 2.5 million square feet of prime office space.
The land is owned by the Greater London Authority and ABP have committed to developing a minimum of 600,000 square feet in the first phase, with strong interest for office space already being shown by Chinese companies, including some of the country’s top banks.
The first occupiers are due to move in in 2017.
Mayor of London, Boris Johnson, said: "For centuries the waterways of east London were the throbbing arteries of UK trade and commerce.
"This deal symbolises the revival of that great era, continuing the re-invention of this once maligned part of the capital into a 21st century centre of trade and investment.
"Creating a third financial district in the capital, this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy."
Chairman of ABP, Mr Xu, said: "I am very pleased and very proud that my company ABP has reached this agreement for the Royal Albert Dock with the Greater London Authority.
"This project will be hugely significant for both the Chinese and UK economies.
"My vision is to develop a world class international business district which will initially target Asian businesses to help them secure a destination in London, which in China is seen as the gateway to both the United Kingdom and the wider European economy.
"Our plans aim to strengthen trade between east and west, provide new local jobs and deliver benefits for the wider London and UK economy."