The parties have signed a master development agreement for the redevelopment of the 20 hectare site into an 'innovation quarter', which will comprise 1,500 new homes, as well as space for business and leisure facilities.
Plans for the site also include a number of 'brand pavilions' which the GLA said would combine product demonstration space, office space, exhibition space and retail space to allow international brands to showcase their products.
The Silvertown Partnership was selected by the GLA as its preferred development partner for the scheme in April 2012. The GLA said the scheme is expected to create 9,000 jobs and generate £6.5 billion into the UK economy over the next 25 years.
“The regeneration of London’s historic Royal Docks continues apace," said Mayor of London Boris Johnson. "The confirmation of this deal to return Silvertown Quays to its former glory will bring thousands of new homes and jobs back to east London. It will also make the Docklands a must go visitor destination helping to unlock the economic potential of surrounding areas.”
An outline planning application for the scheme will be submitted to Newham Council in the next year, the GLA said. Work on the site is expected to start in 2014/15 with the first businesses opening in 2017.
