London-based practice Farrells will be teaming up with UK developer Stanhope and commercial developer ABP China (Holding) to regenerate London’s historic docklands into a thriving, mixed-use business district. The deal, which represents one of the first direct investment by a Chinese developer in London’s property market, will act as a platform for financial, high-tech and knowledge driven industries looking to establish their business in UK and European markets.
More on the Farrells' masterplan after the break...
Owned by the Greater London Authority and situated in the heart of Royal Docks Enterprise Zone, the £1 billion development will eventually transform a 35-acre site at Royal Albert Dock into over 3.2 million square feet of high quality work, retail and leisure space, including 2.5 million square feet of prime office space, in order to create a vibrant 24/7 district on London’s waterways by 2022.
When complete, Albert Dock site will have some of the best transport links in the capital, with direct access to central and western London via the new Crossrail station coming in 2018. It also benefits from close proximity to the University of East London and City Airport, providing direct links to Europe’s key business destinations.
The first phase will include a minimum of 600,000 square feet, with a strong interest for office space already being shown by Chinese companies, including some of the country’s top banks. The first occupiers are due to move in in 2017.
Chairman of ABP, Mr Xu, said: “I am very pleased and very proud that my company ABP has reached this agreement for the Royal Albert Dock with the Greater London Authority. This project will be hugely significant for both the Chinese and UK economies.
“My vision is to develop a world class international business district which will initially target Asian businesses to help them secure a destination in London, which in China is seen as the gateway to both the United Kingdom and the wider European economy. Our plans aim to strengthen trade between east and west, provide new local jobs and deliver benefits for the wider London and UK economy.”