The chairman of Advanced Business Park (ABP), the Chinese firm responsible for the huge Â£1 billion overhaul of the Royal Albert Dock has outlined his firm’s plans for the major regeneration.
A deal was reached between the firm and Mayor of London, Boris Johnson, last month for a new development which Xu Weiping believes will help transfer the site into a major Asian business port.
Mr Weiping suggested the scheme would be divided into five phases, with each requiring between Â£200 and Â£300 million worth of investment: Money the firm hopes to receive in the form of loans from European banks and funds from private equity firms, as well as its own internal capital and rent and sales generated from the project itself.
The huge project will see 3.2m sq feet of London office and retail space created, and Mr Weiping is hopeful it will attract a number of Asian firms looking to expand into the European market.
Mayor of London, Boris Johnson, had previously hinted the new plans would see the area become “London’s third great business area” after Canary Wharf and the City of London.
He said at the time the development would: “restore jobs and growth to the Royal Docks, an areaÂ â€¦ that has been in more or less continuous decline for about 50 or 60 years.”
In total, around 20,000 jobs are hoped to be created by the development.
News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.