Plans unveiled for $1.51 billion business district in London
The Greater London Authority (GLA) has unveiled a £1 billion ($1.51 billion) plan to transform London’s historic docklands into the capital’s next business district, which is designed by the British architect Terry Farrell.
Sprawling over a 35-hectare Greater London Authority-owned site at Royal Albert Dock in the heart of Royal Docks Enterprise Zone, the project involves development of a new business district, aimed at Chinese and Asian businesses.
Said to be the third business district of London, the project will deliver over 3.2 million square feet of high quality work, retail and leisure space, including 2.5 million square feet of prime office space. The new business district will create a new, vibrant 24/7 district on London’s waterways.
To become the largest development of its kind in the UK, the project will be delivered in multiple phases. About 600,000 square feet will be delivered in phase I, which will have maximum concentration of office space. The first occupiers are likely to occupy the site by 2017.
The project is being developed by Chinese developer ABP China (Holding) and will allow the companies of Asian origin to establish headquarters in Europe.
With Crossrail station coming in 2018, the new business district will have direct access to central and western London.
