Newham Council has approved plans by developer ABP and development manager Stanhope to transform the Royal Albert Dock into the capital's next business district, creating up to 20,000 new jobs.
The 35 acre scheme for businesses from Asia will bring investment worth £6bn to this part of London and the UK, and in doing so bolster trade links with Asian markets and attract new companies to set up European HQs.
The proposals will deliver 4.7million sq ft of business led floor space with supporting residential and retail units. It will also create around 1km of waterfront, along with eight new public squares, a dockside promenade and green links through the site.
Chairman of ABP, Xu Weiping, said: "I am delighted with Newham Council's decision to grant permission for Royal Albert Dock. ABP's £1bn scheme will transform this derelict site into London's next business district, bringing significant social and economic benefits to the local area and creating up to 20,000 new jobs.
"It is a huge step forward for the wider regeneration of the Royal Docks.
"We look forward to getting started on the first phase which will deliver around one-third of the site. We have seen high demand from China and the Far East and hope to complete this first phase by 2018, generating economic activity and creating thousands of new jobs over the next five years."
The first phase of the development will include a Central Square and offices and residential plus a new key route through the site, from Beckton Park DLR station to Building 1000.
Sir Terry Farrell, of Farrell architects which masterplanned the site, said: "This development will re-instate the Royal Docks as a commercial and trading centre for the 21st century. The masterplan creates a state-of-the-art business district for financial, high-tech and knowledge driven industries which will act as a catalyst for the transformation of the wider Royal Docks and East London continuing the legacy of the London 2012 Olympics.
"Running from East to West there will be a new waterside promenade, lively new high street, eight new London squares and an ecological corridor acting as a buffer to the main road. Signature headquarters buildings in the central square include biomes on the roofs and all of the buildings within the masterplan will be highly sustainable."
The approval is for a detailed application for Phase 1 and for outline planning approval for the remaining 374,067 sqm site.
