Shopping destination for Silvertown Quays in £1.5bn deal
- 10 June 2013
- From the section London
Silvertown Quays in London's Royal Docks could be "transformed" into a shopping destination in a £1.5bn deal, mayor Boris Johnson has said.
The proposal with The Silvertown Partnership includes an avenue of "brand pavilions" and 1,500 homes.
It is hoped the plans for the Newham site, owned by the Greater London Authority, could create 9,000 jobs and add £6.5bn to the economy by 2038.
A planning application will be submitted over the next year.
As part of the plans a new bridge will be built, connecting the area to the ExCel and providing access to a new Crossrail station.
Mr Johnson said: "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."
Elliot Lipton of The Silvertown Partnership said: "Stand-alone brand pavilions have been built for the last decade around the world but this will be the first time that a brand park has been developed.
"These pavilions will also allow global brands to influence the online spending decisions of customers, which will be worth up to a total value of £221bn by 2016."
Sir Robin Wales, mayor of Newham, said: "This proposal will help to unlock future developments and investment."
If approved it is hoped work will begin in 2014-15 and first businesses will move in by 2017.