In the early 1900’s the Royal Albert Docks, located to the east of the city of London, served as London’s most prominent source of international trade and commerce. Now the 130-year-old docks, which over the years have been closed to commercial traffic and only used for watersports, will be transformed into London’s third booming financial district. Terry Farrell & Partners have been commissioned to carry out the complex master plan of the 35-acre site.
The project was born as a result of a $1.5 billion deal struck between London Mayor Boris Johnson and a private Chinese Developer, Advanced Business Park (ABP). The investment holds great significance for the British and Chinese economies, as it is the first and largest investment made by a Chinese developer in London’s property market.
The mixed-use development, which is scheduled for completion by the year 2022, will house over 3.2 million square feet of office, retail, and leisure space and will become the largest financial development in the UK, creating over 20,000 full time jobs, and contributing almost $9 billion to the British economy.
This international business district will grow to become a world-leader in high technology, green enterprise and research and will also serve as an international hub for the exchange of knowledge and ideas, as Asian businesses seeking European headquarters have already begun to show interest in setting up their businesses at the new waterfront development.
The first 600,000 square foot phase of the project is expected to open in 2017.
[Via BD Online.]