The £3.5bn regeneration scheme at Silvertown Quays has been granted planning approval by the mayor of London.
The plans for the new tech hub include more than 5m sq ft of business space and 3,000 new homes on a 25 ha site in east London’s Royal Docks.
Built on the site of an iconic flour mill that has been out of use since the 1980s, the Silvertown Quays scheme will be home to a cluster of purpose-built centres for product innovation, as well as a school, cafes, restaurants, galleries and public spaces.
Work began earlier this year, following a £12m government investment, to demolish parts of the interior of the former flour factory and rid it of asbestos in order to fast track redevelopment.
The Greater London Authority, working with development partners the Silvertown Partnership, said it expected the redevelopment to attract 13 million visitors annually and contribute £260m each year to London’s economy.
Mayor of London Boris Johnson said: “By breathing new life into this wonderful old flour mill, we can rejuvenate this area of east London and contribute some serious dough to the capital’s economy.
“Silvertown Quays will provide thousands of new jobs and thousands of much-needed new homes and facilities for local people as we return the area to its former glory.”
Sir Stuart Lipton, who leads The Silvertown Partnership, said: “This is an important milestone for Silvertown. The decision by the mayor of London ensures that this derelict and forgotten piece of east London is reinvented as a new creative hub for our capital – drawing the world’s best creative talent, most ambitious start-ups and most innovative businesses – to make, show and share.
“This energetic and exciting new London destination will also bring forward 3,000 new homes, thousands of jobs and long-term benefits for the local and London economy.”