UK Government has granted a £12m fund to convert Millennium Mills into a business centre in the heart of London's Royal Docks.
Work on the former 450,000ft² flour mill site has started with demolition of the interiors and removal of asbestos contamination.
The renovation aims to prepare the mill for a new generation of start-up businesses, by 2017.
Redevelopment of Millenium Mills is to be the centrepiece of a £3.5bn project to transform the 62-acre Silvertown Quays part of the Royal Docks, taking it from industrial to digital age and delivering five million ft² of business and retail space.
Local Growth Minister Penny Mordaunt said: "This iconic building, once a symbol of decline, will be the centrepiece of a thriving new business district that will create thousands of new jobs and bring prosperity back to the docks.
"That's why we are investing £12m to kick-start this project. It's all part of a long-term economic plan that is driving business forward and delivering real benefits to hard-working people."
The Silvertown Quays is proposed to become the world's first cluster of purpose-built centres for product innovation.
At the site, top brands will showcase their latest products and be able to interact with customers.
Funding has been granted through the government's Building Foundations for Growth enterprise zones capital grant fund.
Image: Millennium Mills site at London's Royal Docks. Photo: courtesy of UK Government.