The £314m regeneration of the Royal Docks in east London is set to begin after it was signed off by London’s local enterprise partnership (LEP).
A detailed delivery plan for the 112 ha Royal Docks Enterprise Zone was approved by the London Economic Action Partnership, the LEP responsible for allocating funds to the scheme.
The decision will trigger investment from the LEP into the project, which is expected to see more than 4,000 homes built and generate more than £5bn of inward investment by 2038.
The investment over the next five years will go towards improving transport infrastructure, promotion and estate management to aid the delivery of the scheme.
Plans for the Royal Docks include waterside residential, leisure and office developments, public realm space that reflects the area’s industrial heritage, and significantly improved digital connectivity for the area.
The Enterprise Zone is part of the larger Royal Docks and Beckton Riverside Opportunity Area, which is set to see 25,000 homes constructed and the creation of up to 60,000 jobs.
This includes Chinese developer ABP’s £1.7bn Royal Albert Dock development, which is being built by Chinese state contractor Citic Construction and Multiplex .
The Royal Docks area also includes the £1.2bn Silvertown Quays development, which was taken over by a Lendlease joint venture earlier this month.
Mayor of London Sadiq Khan said: “Through these plans to attract businesses and talent into the Royal Docks, we are aiming to unlock this area’s potential to support the growth of innovative new businesses across all sectors of our economy.
“The Royal Docks was once an economic powerhouse – with these plans we are aiming to lay the foundations so that it can once again play a crucial role in the life of the capital.”