East London Regeneration
The Royal Docks complex in Docklands, East London is on the receiving end of massive inward investment with £6 billion of private-sector money being injected. The demise of the Royal London Dock Yards over recent decades has left the area semi-derelict and massively underdeveloped. Because of, or in spite of, Brexit the regeneration of this area of the capital is moving on with pace.
Already, developments are sprouting up transforming the entire area, bricks are being laid and concrete poured giving the construction industry and the people of the area something to feel good about. There will be 15,000 new homes built on brownfield land providing accommodation for many local residents. In addition, there will be 8 million square feet of commercial space generating approximately 60,000 new jobs, half as many again as first thought.
Similar to Canary Wharf the Royal Docks area will rapidly become a fresh dynamo generating energy and a huge boost to the economy of the capital and far beyond. For businesses and individuals alike this is the largest initiative of its type, even larger than Old Oak Common in size and scope. This creates huge opportunities for Londoners to work and invest in the area with an improved opportunity to find a place in which to live, locally.
Projects being developed include ABP, the Chinese Business Park, Silvertown Quays, Royal Wharf, Waterside Park, and Royal Albert Basin all of which will be serviced by Crossrail and increased flights from London City Airport making accessibility far easier. In the light of the UK's post-Brexit expectations, London is getting a new business and commercial heart.
Clearly, there is an air of expectation and eager anticipation, and absolutely no lack of confidence is visible as this huge investment demonstrates. ABP Royal Docks first phase for the Asian Business centre is already 70% committed whilst work has begun on 800 new homes and planning permissions are going ahead steadily.
Clearly, the Office of The Mayor of London is busy helping with the drive to create a huge business hub that will serve the entire area for many years to come. Chairman of ABP, Xu Weiping, said: "These major investments are a vote of confidence to the UK and London market following the Brexit vote. ABP is delighted to be working alongside CITIC Group and Charoen Popkhand Group, two of Asia's biggest enterprises, to deliver the Royal Albert Dock project.
"East London is fast becoming one of the capital's most exciting places to do business and we are pleased that other Asian companies have seen the potential and are also now investing in the area." The potential return on investment has clearly been identified as being vast. Doubters about the direction of travel of UK Ltd can take heart. The business heart of London, and thereby the Country at large, is beating healthily.
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Written by Alex Neil Estate Agents