London docks to be regenerated for Asian companies
Chinese developers have signed a deal to develop an unused 35-acre area of land next to London’s City Airport into a “third financial district” for the UK capital aimed at Chinese businesses.
The site at the Royal Albert Dock, which opened in 1880 but is now an industrial wasteland, will be redeveloped by the Chinese firm Advanced Business Park (ABP) and British developer Stanhope into a $1.5 billion 300,000 square metre complex of offices, shops and apartments.
“Creating a third financial district in the capital [after the City of London and Canary Wharf], this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy,” London Mayor Boris Johnson said at the signing event.
Transport links to the area will improve with the Crossrail scheme opening in London in 2018. London wants to regenerate sites to the east of the centre following last year’s Olympic Games. Now it is looking for a developer to build a floating village on the River Thames.
[pictured: Royal Albert Dock and London City Airport (left), visible from the east, with Student Village of University of East London on the right and Canary Wharf complex in distance]