Seven of the UK’s top property companies have been invited to submit proposals for the development of a 50-acre site in east London’s Royal Docks.
The property developers have been shortlisted by the London Development Agency (LDA) for the housing and office building project at Silvertown Quays. It is the latest example of the Olympics providing an economic windfall for the capital.
The site is expected to become one of London’s biggest new-build housing projects and more than 4,000 units are expected. It is located to the south-east of the Olympic park and the LDA hopes it will contribute to the regeneration of a deprived area.
Stanhope, Delancey and St George Central London Limited are among the seven developers invited to submit proposals. Barratt Developments and British Land will submit a joint proposal.
Chelsfield Consortium, Hutchinson Whampoa Properties (Europe) and the Development Securities Consortium, which includes Kier, Grainger and Development Securities PLC are also on the shortlist.
The LDA’s Royal Albert Dock site has also attracted significant interest. Potential investors will be briefed about the 35-acre site next week and the LDA will promote it to potential Chinese investors later in September.
LDA chief executive Lurene Joseph said: “The opportunities in the Royal Docks – at Silvertown Quays and the Royal Albert Dock – are attracting attention from some of the biggest developers and investors.
“We are pleased with the high level of market interest and we look forward to seeing their proposals to turn these sites into world class developments – urban centres with thriving businesses, high quality jobs and first-class communities.”
Mayor of Newham Sir Robin Wales believes the sites offer a great chance for his borough to become a thriving area for businesses.
He said: “London is moving east and there is huge potential here for investment, growth and greater prosperity. The Royal Docks are where London’s future essential economic growth can truly thrive. There has never been a better time to invest in the new heart of London.”
The Silvertown Quays site is located near to the capital’s smallest international airport, London City Airport, while Crossrail will also offer improved transport links when it is due to open in 2017.
The Olympic Games has brought a flurry of development to east London in the past five years. Investors from around the world have been looking to take advantage of the investment into infrastructure in the area.
Some 11,000 new homes are planned near to the Olympics site within the next 25 years, while the opening of Europe’s largest covered shopping centre, Westfield, will also boost the appeal of the area.