Asian business district at Royal Docks approved
Plans to transform Royal Albert Dock into an Asian business district have been approved by Newham Council.
The scheme will bring £6 billion worth of investment to the East End and the UK and create 20,000 jobs.
The 35 acre development, from Chinese developer ABP and UK development manager Stanhope, will include 4.7million sq ft of business led floor space for Asian busineses with an aim to improve trade links with Asian markets.
There will also be residential and retail units within the site, 1km of waterfront, eight new public squares, a dockside promenade and green links throughout.
Chairman of ABP, Xu Weiping, said: "ABP's £1bn scheme will transform this derelict site into London's next business district and bring significant social and economic benefits to the local area.
"We look forward to getting started on the first phase which will deliver around one-third of the site.
"We have seen high demand from China and the Far East and hope to complete this first phase by 2018, generating economic activity and creating thousands of new jobs over the next five years."