The proposed mixed-use development will consist of a business park with up to 1.5 million square feet of offices and 95,000 sq ft of supporting uses. It will also benefit from the arrival of Crossrail in 2018.
The Greater London Authority (GLA) picked ABP from a shortlist of parties which had submitted bids to develop the site. Bids were submitted in response to a request by the London Development Agency (LDA) and the London Borough of Newham in December last year. Following the abolition of the LDA earlier this year the GLA took over the remit for the scheme.
"As part of the regeneration of London's historic Royal Docks and in line with his priority to spur jobs and growth in the capital, the Mayor has been working with the London Borough of Newham to actively promote the development of a 34.5 acre site at Royal Albert Dock," said a spokesperson for Mayor of London Boris Johnson.
"Following the evaluation of bids received in August this year, the Mayor is seeking to progress to the final stage of the procurement process with ABP. Proposals are still being formulated, but allow for the creation of an employment-led, mixed-use development that will establish Royal Albert Dock as a premier business and leisure destination. It is anticipated that final terms of the ABP bid will be agreed early in the new year."
The site is cleared with the exception of two Grade II-listed buildings located adjacent to Beckton Park DLR station - the Central Buffet and the former Dock Manager's Office. London Borough of Newham's Core Strategy designates the site for a mixture of uses including business, education, leisure and tourism as well as ancillary supporting uses. The area also has 'Green Enterprise District' status and was designated as a major opportunity zone within Newham's Unitary Development Plan from 2001.
"This is a very exciting milestone in delivering an exciting Royal Albert Dock development, building on the GLA's and Boroughs' vision for the area, and dovetailing with Silvertown Quays and the London Olympic Legacy Park. ABP's investment, alongside Stanhope, makes this one of the largest international inward investments in London," said Richard Ford, planning expert at Pinsent Masons, the law firm behind Out-Law.com.