Planning permission has been granted for the £3.5billion Silvertown Quay project on 62 acres neighbouring the Royal Docks. It will provide offices, a tech hub, 3,000 new homes and brand experience pavilions.
Newham Council confirmed the planning status for the development last night, which will result in the creation of up to 20,700 new jobs over a 10 years.
A school, health centre and shops are also included in the plan and an innovative new bridge will cross the Royal Docks to get people to Custom House and Crossrail.
The first phase, which aims to be finished by 2018 in time for the new Crossrail connections, will see the 450,000 sq ft Millennium Mills site brought to life with technology, media and telecoms businesses housed in the iconic former flour mill.
Work began earlier this year to strip out asbestos from Millennium Mills as part of a £12million grant by the Department for Communities and Local Government.
Silvertown Partnership chief executive Simon Webster said: “We are delighted to receive the go-ahead for this vital scheme.
"This part of London is now destined to be a creative hub for our capital, offering a new, easily accessible location for innovative businesses, as well as housing for Londoners and amazing new brand experiences to attract visitors from the UK and abroad.
"It is a much-needed scheme for this part of London, creating opportunities for new employment and long term benefits for the local economy.”
The Mayor of Newham Sir Robin Wales, said: “This multi-billion pound transformation is a fantastic opportunity to reinvigorate the Royal Docks area giving it a new lease of life benefiting Newham and the capital as a whole.
“Our vision is to transform the area into a world class business centre that not just entices established companies but also creates an exciting and vibrant place for new companies to grow and flourish.
“This scheme builds on our commitment to further enhancing the quality of life for our residents and the opportunities available to them through developing the arc of opportunity spanning the Royal Docks, Stratford and Canning Town.
“This project will create a new destination for people from across Newham, the rest of the capital and from abroad and will once again showcase everything that is good about the borough.”
The development will create:
- 5,000 new jobs in phase one
- Up to 20,700 new jobs in total, over 40% of which are expected to be for local people
- 13 million visitors per annum
- Additional spending power of £33m per annum when complete
- £260m per annum gross value add for the London economy
- £3.5bn gross development value
At completion the entire development will incorporate circa 7 million sq ft of new residential and commercial space including:
- 3 million sq. ft of brand spaces
- 2 million of residential (up to 3,000 new homes)
- 2 million sq. ft of commercial space
What are brand pavilions?
"Silvertown Quays will provide a unique experience in what will be the first purpose built brand destination in the world; and through a series of brand flagships, pavilions and trading houses, organisations will be able to showcase and engage with their consumers through education, entertainment and customisation."