Construction officially starts on £1.7bn investment in London’s Enterprise Zone
28 June 2017
Construction officially started today at one of the key development sites within the Royal Docks Enterprise Zone, bringing one of Europe’s largest Asian business developments to East London.
The Mayor of London with the International Trade Minister and Minister for London, Greg Hands launched the ground-breaking of the £1.7 billion enterprise with Chinese Developer ABP at the Royal Docks site.
The first phase of the development is due to be completed at the same time as the arrival of Crossrail in the Royal Docks in early 2019, in which it is hoped to create 30,000 new jobs and bring £6bn to the local economy.
The launch coincided with a visit to the site by the LEAP Board, who met with ABP and members of the Royals Docks Advisory Board to learn more about this key development site with London’s Enterprise Zone. LEAP has a strategic oversight role for the Royal Docks Enterprise Zone and is due to retain business rates growth generated within the Royal Docks Enterprise Zone for reinvestment in local economic growth. This will provide a significant income stream for LEAP to reinvest in securing jobs and growth for London over the coming years.
The Mayor of London, Sadiq Khan, said: “This is an important milestone for part of London as we move forward with the development of a whole new district of the city. This development is a clear sign of confidence and more evidence that London is open to investment around the world.”
Working with the Department for International Trade, LB Newham and the GLA, the commitment from ABP and Asian investors to create London’s next business district is a mark of confidence in the UK market post Brexit and shows that London is open for business.
The Chairman and President of ABP, Mr Xu Weiping, said: “Today marks an important milestone in establishing London’s next business district at Royal Albert Dock and promoting trade between London and China in post-Brexit referendum uncertainty.”
Royal Docks Enterprise Zone
The Royal Docks was granted Enterprise Zone status from April 2012 in recognition of its strategic importance. Benefits to businesses locating inside the zone include:
- business rates relief
- simplified planning procedures
- high-speed broadband provision
- business rates uplift retention for 25 years
The Royal Docks lies within the stretch of land in Newham running from Stratford down to the River Lea to the Thames known as ‘arc of opportunity’ with £22 billion of development potential. It is home to ExCel, the international exhibition and convention centre and London City Airport.