ABP China has secured a £1bn contract to transform the 35-acre site at Royal Albert Dock in London into a new business district.
The site will be transformed into a 3.2 million ft² complex, housing 2.5 million ft² of office space, plus retail and leisure space.
ABP China will work with the UK-based developer Stanhope and architectural firm Terry Farrell and Partners.
Under the first phase of the project, which is subject to planning permission, ABP will develop 600,000ft² of the project, which is anticipated to open in 2017. The entire site is expected to be completed by 2021/22.
Located in the Royal Docks Enterprise Zone, the Albert Dock site, the district will have transport links giving direct access to central and western London through the new Crossrail station when complete.
After completion, the site will become London’s third business district and, according to initial projections, will contribute £6bn to the UK economy, generating £23m in business rates per year and acting as a catalyst for further development in the area.
ABP chairman Xu Weiping said the new business district will be developed to initially target Asian businesses to help them secure a destination in London, which in China is seen as the gateway to both the UK and the European economy.
"This project will be hugely significant for both the Chinese and UK economies," Weiping said.
The Royal Albert Dock is one of three docks in east London which London Mayor Boris Johnson has handed over for regeneration.
Johnson said that the deal would continue the reinvention of a maligned part of the capital into a 21st century centre of trade and investment.
"Creating a third financial district in the capital, this development will act as a beacon for eastern investors looking west, bringing with it tens of thousands of jobs and billions of pounds of investment for the UK economy," Johnson said.
In March 2013, Johnson unveiled plans to construct a 6ha floating village, which would be the largest such village in the UK, at the Royal Victoria Dock.
Image: The 35-acre site at Royal Albert Dock will be transformed into a 3.2 million ft² complex of work, retail and leisure space. Photo: Courtesy of Greater London Authority.