The London Development Agency (LDA) has selected property consortium Chelsfield as the preferred bidder for the £1.2bn regeneration of Silvertown Quays in the Royal Docks, East London, UK.
The development will feature 228,570m² of commercial and retail space, 126,440m² of residential homes, education, research and innovation centres.
The final contract with the LDA will be signed within a few months by the Chelsfield consortium, including First Base, Imagination Europe, Delancey’s DV4 and Berkeley’s St George subsidiary.
Chelsfield’s selection as LDA’s preferred bidder was revealed by London Mayor Boris Johnson.
"Despite one of the harshest economic climates in decades an urban renaissance is underway in east London and I have no doubt that Silvertown Quays will become a business destination of worldwide appeal," Johnson said.
The consortium is planning more than three million ft² of mixed-use space on the 50-acre docklands site, owned by the LDA within the Royal Docks enterprise zone, and is hoping to create pavilions for companies to showcase their products.
Arup and Imagination Europe will be masterplanners for the scheme while Arup has also drawn up plans for the proposed pavilions.
The plan will exclude the current waterfront Millennium Mills building, which is intended to be converted into a mixed-use scheme by AHMM.
London Development Agency chief executive Lurene Joseph said Chelsfield’s proposals match the agency’s ambition to transform Silvertown Quays and create a new piece of city which will drive economic growth, create jobs, improve skills and create lasting change.
"The interest shown in Silvertown Quays is further evidence of the catalytic effect of the Olympics, helping renew the Royal Docks, London’s greatest development opportunity," Joseph added.
The procurement process for the development started in July 2011 and the plans for a new district on the site are expected to create £3bn of economic benefit for the UK capital.
Work on Silvertown Quays is anticipated to begin in two years and scheduled to be complete in 2018.
LDA is also seeking planning for the redevelopment of its Royal Albert Dock site and a final shortlist is expected to be revealed in the next few weeks.
Image: The development will feature 228,570m² of commercial and retail space and around 1,500 new homes. Photo: Frans Zwart.