Mayor of London Boris Johnson has confirmed a £1.5bn GDV deal with the Silvertown Partnership to transform Silvertown Quays, in the docklands, into a new innovation district.
The development is expected to create over 9,000 new jobs and boost the economy by £6.5bn when complete.
The site, currently owned by the Greater London Authority, will become a cluster of purpose-built centres for product innovation, with brand showcasing space.
Business and individuals will be able to come to the area to research, learn and discover new products and ideas.
The 50-hectare site, in the Royal Docks Enterprise Zone, is located on part of the 600 hectares of land the mayor inherited under the Localism Act in April 2012.
Silvertown Partnership were selected as preferred bidder for the project in 2012, and have now signed a Master Development Agreement with the GLA.
The Partnership is a consortium of Chelsfield Properties and First Base Ltd.
Outline planning application is now being prepared and will be submitted to the London Borough of Newham within 12 months.
Arup are masterplanning the site, while Jones Lang LaSalle and Cushman and Wakefield are acting as leasing and commercial property managers.
The GLA were advised by Knight Frank and the Silvertown Partnership by Jones Lang LaSalle and Cushman.
The new district will also contain space for incubator and technology businesses, as well as 1,500 new homes, restaurants, cafes, galleries, and leisure facilities.
It will also feature a new bridge to the ExCel centre and a new Crossrail station.
The first phase is expected to begin in 2014/15 with the first businesses moving in in 2017.
Mayor Boris Johnson 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.”
Mayor of Newham Sir Robin Wales said: “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.”