£1bn Royal Albert Dock build approved
The outline component of the application will see the delivery of a comprehensive business-led mixed used development of more than 370,000 sq. m, including up to 845 new homes.
This will include retail, financial and professional services, food and drink areas, community, cultural and leisure facilities, as well as new highways and landscaping, public realm improvement works and the development of public open spaces.
The detailed part of the of the application seeks includes more than 60,000 sq. m of floor space comprising of businesses and serviced apartments, access and connectivity improvements
The proposals will also include restoration of the existing Grade II Listed Dock Manager’s Office and Central Buffet, which will provide restaurant and leisure uses.
The permission is subject to a section 106 legal agreement. The agreement which is still being negotiated would see ABP provide the council with the equivalent of 35 per cent affordable housing.
ABP would also commit to investing £4.5m in Workplace, Newham Council’s employment service. The money would be used to provide training and support local residents into work.
In addition, apprenticeships and job vacancies generated by the development and its construction phases would be advertised to local residents and recruited via Workplace.
The section 106 legal agreement would also see ABP commit to offer local businesses the opportunities to be their preferred supplier of goods and services during the development and construction phase.
This development is in the heart of the Royal Docks Enterprise Zone and will be the largest scheme of its kind in the UK. Once completed, it will form a state-of-the-art business district which will act as a platform for financial, high-tech and knowledge driven industries looking to establish and drive forward their business in UK, European and global markets.
ABP is an experienced and successful developer in China with a track record on investing in and transforming large areas in need of regeneration.