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Chinese to invest £1bn in London Docklands
Chinese developers are set to pump £1bn into a transformation of the Royal Albert Docks in London.
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.”
The first offices will be ready to occupy by 2017