It will transform this part of the Royal Docks from the industrial to the digital age by creating a new waterside destination that will be home to innovative design, high technology and green enterprise where people can come to research, learn and discover new products and ideas. The new quarter, built around a re-enlivened dock, will also contain space for incubator and technology businesses well as more than 1500 new homes, restaurants, cafes, galleries and leisure facilities both on and off the water, making it a thriving destination for Londoners and visitors alike to live, work and enjoy.
At the heart of the site will be a grand avenue of state-of-the-art ‘brand pavilions’, where top brands from across the world will be able to showcase the future of their products, creating a new brand destination in London. Stand-alone brand pavilions have been built in Europe, and beyond, over the last decade but The Silvertown will be the first purpose built brand destination in the world.
Situated in the heart of the Royal Docks Enterprise Zone, the 50 acre site will also benefit from a new bridge connecting it to the ExCel giving visitors and residents access to fantastic transport links, including a new Crossrail station with express services to the City (10 mins) and the West End (17 mins). Work on the first phase of the site is expected to begin in 2014/15 with the first businesses moving in in 2017. The whole development is expected to create £6.5bn of economic benefit for the UK economy over the next 25 years.
The deal is a key part of the Mayor’s on-going commitment to regenerate the Royal Docks into London’s next business district, bringing jobs and homes back to the capital’s waterways and builds on the momentum of the development of the Olympic Park and Stratford City. It is the latest in a string of investments in the area, including the recently announced ABP business port at Royal Albert Dock, Siemens Crystal Centre, the UK's first urban cable car, Emirates Air Line and new homes at Great Eastern Quay, as well as plans to create the UK’s largest floating village at Royal Victoria Dock.
The Mayor, Boris Johnson, who will be speaking later at the inaugural Real Estate Forum, bringing together business leaders, investors, real estate owners and developers in the London real estate market said: "The regeneration of London’s historic Royal Docks continues apace. The confirmation of this deal to return Silvertown Quays to its former glory will bring thousands of new homes and jobs back to east London. It will also make the Docklands a must go visitor destination helping to unlock the economic potential of surrounding areas."
Elliot Lipton of The Silvertown Partnership said, "The Silvertown will create a new waterside destination for London where people can interact with the range of brands, alongside restaurants, galleries, shops and homes all set in a beautifully landscaped and attractive environment which will make the most of the dock’s features. As a centre for innovation, The Silvertown will also allow global brands to showcase their products and be a thriving place for people to live, work and visit. Stand-alone brand pavilions have been built for the last decade around the world but this will be the first time that a brand park has been developed. Brands are constantly seeking flexible, large-scale and accessible spaces to develop high value brand encounters with their audiences. These pavilions will also allow global brands to influence the online spending decisions of customers, which will be worth up to a total value of £221bn by 2016. We look forward to working in partnership with the GLA, LB Newham, local residents and businesses to create this exciting new location in London."
Sir Robin Wales Mayor of Newham said: "We welcome this deal to transform Silvertown Quays, a major part of the Royal Docks into a vibrant, world-class destination. The 50-acre site is ideally positioned as a gateway to the rest of London and Europe with access to City airport and the London transport network which will soon benefit from the arrival of Crossrail.
"The Royal Docks Enterprise Zone offers an unrivalled investment opportunity on a scale unmatched anywhere else in Europe and this development further strengthens Newham’s growing reputation as the destination of choice for business and innovation. This proposal will help to unlock future developments and investment. It will also create thousands of new jobs for Newham residents and with a young and energetic workforce, we are ideally placed to accommodate much of London’s eastwards growth in the 21st century."
