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Kal Vaughan
Kal Vaughan
  • 1 Minute Read
  • 30th May 2013

London's office space sees £1bn investment

A landmark £1bn deal to create over 600,000sq ft of office space at London’s Royal Docks has been confirmed, with plans to create a new state-of-the-art business park given the green light.

Advanced Business Park (ABP), the Chinese company behind the deal, plan to turn the 35 acre site into the European headquarters for hundreds of Chinese firms, with hopes of establishing a gateway for Asian and Chinese businesses seeking to expand into Europe.

The plans are part of a multi-million pound development of the area, which the sites owners, the Greater London Authority say is a preferred redevelopment option for the historic area - valued to have £22bn worth of development potential.

The chairman of ABP, Xu Weiping, said: "This project will be hugely significant for both the Chinese and UK economies.

"My vision is to develop a world class international business district which will initially target Asian businesses to help them secure a destination in London."

The Mayor of London, Boris Johnson claims the new deal is worth £6bn to the UK economy, creating 20,000 jobs and generating £23m in business rates annually.

Mr Johnson said: "For centuries the waterways of east London were the throbbing arteries of UK trade and commerce.

"This deal symbolises the revival of that great era, continuing the re-invention of this once maligned part of the capital into a 21st Century centre of trade and investment.

"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."