Planning permission has been given by Newham Council to the Silvertown Partnership for its 62 acre mixed use, waterfront development at Silvertown in East London's Royal Docks.
The 7m sqft development will create a new London quarter incorporating 5m sqft of commercial space delivering new jobs as well as up to 3,000 new homes, which will be apartments and townhouses in different sizes and designs.
Sir Robin Wales, the Mayor of Newham, said: "This multi-billion pound transformation is a fantastic opportunity to reinvigorate the Royal Docks area giving it a new lease of life benefiting Newham and the capital as a whole.
"Our vision is to transform the area into a world class business centre that not just entices established companies but also creates an exciting and vibrant place for new companies to grow and flourish.
"This project will create a new destination for people from across Newham, the rest of the capital and from abroad and will once again showcase everything that is good about the borough."
The first phase, which aims to be finished by 2018 in time for the new Crossrail connections, will see the 450,000 sq ft Millennium Mills site brought to life with innovative, technology, media and telecoms businesses of varying scale housed in the iconic former flour mill.
Work commenced earlier this year to prepare Millennium Mills for its refurbishment as part of a £12m grant by the Department for Communities and Local Government (DCLG).
Simon Webster, The Silvertown Partnership CEO, said: "We are delighted to receive the go-ahead for this vital scheme. This part of London is now destined to be a creative hub for our capital, offering a new, easily accessible location for a range of businesses, as well as housing for Londoners and new brand experiences to attract local visitors and tourists alike. It is a much-needed scheme for this part of London, creating opportunities for employment and long term benefits for the local economy."
Silvertown will be served by two DLR stations, Crossrail from 2018, the Emirates Air Line and London City Airport. By 2018 it will be 17 minutes to The West End via Crossrail. A new and accessible bridge will be built to connect Silvertown to Excel and the Crossrail station at Custom House within 5 minutes of the site.
In total there will be up to 20,700 new jobs over a 10 year period, over 40% of which are expected to be for local people.
