£300M Royal Docks regeneration given the go ahead
An ambitious £314 million regeneration of London’s Royal Docks, championed by Sadiq Khan and Mayor of Newham Rokhsana Fiaz, has been green lit.
The wholesale regeneration of the Royal Docks in East London is now expected to take place over a five year period. It is thought that the redevelopment has the potential to generate 35,000 jobs, 4,000 new homes and attract upwards of £5 billion in inward investment by 2037/38. It will be London’s only Enterprise Zone – a hub for business and culture that nurtures highly skilled, productive jobs for Newham residents and London as a whole.
The Royal Docks once played a vital role in the capital’s economy, before falling into decline during the 1960s and 70s. The last vessel to be loaded here departed in December 1981, around the same time that the wider regeneration of London’s docklands began. This eventually led to the creation of the Canary Wharf estate, the development of the Docklands Light Railway, and the opening of London City Airport in 1987.
The Enterprise Zone forms part of the broader Royal Docks & Beckton Riverside Opportunity Area which could see around 60,000 jobs generated and 25,000 new homes built.
“Today marks a major step forward in the development of this site, which has the potential to become not only an important new business destination but also a key part of the capital’s cultural life,” said Sadiq Khan.
“We are aiming to unlock this area’s potential to support the growth of innovative new businesses across all sectors of our economy. The Royal Docks was once an economic powerhouse – with these plans we are aiming to lay the foundations so that it can once again play a crucial role in the life of the capital.”
Rokhsana Fiaz added: “This is exciting news for Newham, placing Royal Docks as London’s new gateway to the world. This funding will bring more genuinely affordable homes, highly skilled jobs, apprenticeship opportunities for our young people and improved transport infrastructure to an area steeped in rich industrial history.”
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