INDUSTRY NEWS

Chinese firm proposes £1bn London office complex at Royal Docks site

A major £1bn property development headed by Advanced Business Park is set to see the creation of a huge London office complex at the Royal Docks.

A deal of such magnitude would be one of the largest Chinese investments in the UK.

Built on a 35-acre site nearby the docks, the huge development would see a huge London office complex built alongside shops and homes as part of a 24 hour mini city. The buildings would act as the European HQ to a number of Chinese and other Asian firms.

A source close to the matter told the Financial Times: “No one here had heard of ABP when they first expressed interest, but people have gone from being skeptical to pretty confident that they will deliver on their claim.”

Bosses at the firm based in China have already met PM David Cameron as well as holding talks with the London Mayor, Boris Johnson. He said the ABP had “very interesting proposals” for the area.

The owners of the site, the Greater London Authority, had previously stated the Royal Docks had more than £22bn worth of development potential.

A spokeswoman for the Mayor of London said: “The mayor and his team have been in discussions with ABP of China about their proposals for the Royal Docks as part of a regulated procurement process that is due to conclude shortly.”

Although no deal has been confirmed as of yet, a source close to the project told BBC London Online an agreement could be struck as soon as the end of May with work possibly beginning in as little  as 12-18 months.

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