Chinese to invest £1bn in London Docklands

Grant Prior 3 years ago
Share

Chinese developers are set to pump £1bn into a transformation of the Royal Albert Docks in London.

Royal_Albert_Dock_CGI

ABP China (Holding) will transform the 35 acre site into a new business district for the capital.

ABP will be working with UK developer Stanhope and architects and masterplanners Farrells.

The site will eventually be 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.”

Latest news

Barratt & Segro set for £2.5bn Meridian Water site

Joint venture understood to have won race for 8,000 home Enfield scheme
54 mins ago

Kier starts £19m home for last Concorde

New Filton Airfield museum will tell the story of Bristol’s aerospace industry from 1910
16 mins ago

Plans unveiled for London Elephant & Castle town centre

Ambitious high-rise scheme to replace famous pink shopping centre and London College of Communication
2 hours ago

Henry Boot dismisses talk of construction slowdown

More doubts cast over Government stats as business booming at construction division
1 hour ago

Balfour Beatty bags £130m M20 lorry park job

3,600-space lorry park to ease congestion from queueing lorries when cross-Channel transport is disrupted.
1 hour ago

BAM wins £41m Birmingham City Uni project

Work starts next month on the City South Campus in Edgbaston
41 mins ago

Portakabin bags £8.2m worth of school rebuild jobs

Off-site techniques cut school build times in half
35 mins ago

BAM Mott jv wins Devon and Yorkshire flood schemes

Work will start on the £32m next phase of the Exeter flood relief scheme in June
1 hour ago

WSP swoops to buy rival consultant Sweett

£24m deal sees WSP continue on the acquisition trail
1 day ago

Swansea Tidal Lagoon developer dumps Chinese contractor

Swansea Tidal Lagoon developer to retender £300m sea wall contract
2 days ago

Cleveland Bridge UK returns to profit after four years of losses

New management team turns steelwork contractor around with £2.5m profit
1 day ago

Leaking mobile crane closes London Blackwall Tunnel

Traffic chaos across South London as contractors battle to resurface damaged road
2 days ago

GPE gears up for two more London starts despite Brexit fear

Gt Portland Estates warns over ‘unhelpful’ EU stalemate
1 day ago

Sixteen firms win national £1.5bn RE:FIT framework

National retrofitting scheme to lower public sector energy bills
1 day ago

J Murphy joins trade body Build UK

Abestos removal firms also sign up to newly-former contractors' association
24 hours ago

Forrest to build £12.6m Manchester resi scheme

Construction to start this month on twelve-storey scheme
23 hours ago

Didcot recovery operation hit by further delays

Bodies of disaster victims still not returned to their families after three months
1 day ago

Brexit fears send site wages soaring to £1,000 a week

Bricklayers now earning £25 an hour as skills shortages set to intensify if UK votes to leave Europe
2 days ago

Small companies being left behind by “BIM divide”

Smaller firms missing out on the benefits of computer modelling warns Morgan Sindall
2 days ago

Local contractors urged to chase £6bn schools deal

SME leaders encourage member firms to go for places on massive education framework
2 days ago

Renew hits acquisition trail as profits soar

Engineering services specialist delivers record results in first six months
2 days ago

Green light for £2.6bn Scottish windfarm

Construction to start this year on huge infrastructure investment
3 days ago

Skanska jv wins £100m National Grid Humber tunnel

Gas pipeline will be the longest in a tunnel, inserted in a single string in the world
3 days ago

New finance director for Clugston

Ian Pattison joins from Aim-listed office services group Restore
2 days ago

Gilbert-Ash seals £21m Oldham theatre revamp

Work to start on Oldham Coliseum and library revamp
2 days ago

Demolition starts for £400m Marble Arch Place

Brookfield Multiplex will replace 1960s Hyde Park tower with mixed-use development
3 days ago

Manchester Uni suspends £170m student halls as bids soar

University goes back to the drawing board as builders fail to meet target price
3 days ago

Wates lands £30m Farnborough exhibition centre job

Construction to start in September to expand home of famous airshow
3 days ago

Famous film labs to be turned into £120m resi scheme

Weston Homes to start revamp of Denham site where Star Wars and James Bond were created
3 days ago

Farrans bags £33m London special needs school

Oaklands 224-pupil special needs school will be built in Hounslow
3 days ago

Contractor services