The Greater London Authority (GLA) has given full planning approval to developer ABP for its plans at Royal Albert Dock.

Newham Council granted planning permission for the site last year, but this was subject to the response from the GLA.

Work is expected to begin later this year, with the first phase to be completed in 2018.

The ABP Royal Albert Dock development will become London’s third business and financial district, after the City of London and Canary Wharf, and will be a hub for businesses from Asia looking to reach new markets in Europe and for European companies seeking to do business with them and expand into the Far East.

ABP’s chief operating officer and executive director John Miu said: “We are delighted by how the whole planning process has progressed and we are looking forward to getting underway and completing our first phase in just three years.

“There is tremendous interest from across Asia from companies wanting to locate in the Royal Albert Dock business district development and we look forward to making further exciting announcements in the months ahead.”

Sir Robin Wales, Mayor of Newham, said: “The ABP development will bring further investment in to east London, including thousands of jobs and opportunities for Newham residents within high-tech businesses as well as construction industries from at home and abroad.

“ABP is a significant part of the Royal Docks transformation which will see the revival of the waterfront and reinstate the docks as the heart of London’s industry.”

The next step is getting approval from UK Secretary of State, Eric Pickles.