There are few urban development sites in the UK – let alone in London – that offer up to 400,000 sq m of new development space in a single cleared site, but the 30-acre (12ha) Royal Albert Dock opportunity, coming to market this year, is that rare example.
The Greater London Authority (GLA), advised by Montagu Evans, is seeking an innovative master development partner to deliver a transformational new employment-led, mixed-use vision as London moves Eastwards.
The scope is broad, the opportunity significant. High-value growth sectors – green technology, data-driven uses and digital economy businesses could all have a place here – as could sport, leisure and cultural production – or light-industrial and manufacturing, logistics, workspace and education.
Combining a range of new and more traditional uses within the site is possible too, unlocking growth sectors through a resilient and diversified economic offer.
Key to the success of the project will be the bringing together of public and private sector stakeholders in a long-term partnership to secure the site’s legacy with the right team, experience and skills to deliver a transformational new place.
The stage is already set.
Royal Albert Dock is part of a priority growth area for the GLA. Approximately £5 billion of investment is planned for the area over the next 20 years providing 36,000 new homes and creating 55,000 new jobs across this historic part of East London. A new Royal Docks Delivery Plan (2024-2029) sets the vision and activities over the next 5 years, driving an ambitious programme of change and investment.
Significant road and rail infrastructure is already in place. Two DLR stations (Royal Albert DLR and Beckton Park DLR) are nearby, and the Elizabeth Line is 4 minutes away by DLR at Custom House.
Global connections are within easy reach too: London City Airport sits across the water, six minutes away by road.
Other major anchor institutions such as Tate & Lyle, ExCeL London and the University of East London are all located here, reinforcing the location as a strategically important economic centre for London. City Hall also relocated to the Royal Docks in 2022, signalling a substantial realignment of the city’s cultural, economic, and political centre of gravity.
And the site sits within the capital’s only Enterprise Zone, ensuring new business rates income generated will be reinvested in the area to support further economic activity and social value initiatives.
Above all there is an enthusiasm here to explore the range of possibilities that this large-scale, development-ready piece of the capital could achieve when it comes to employment-led regeneration This is an opportunity to deliver growth and jobs, as well as new homes and cultural and leisure activity, at nationally-significant scale.
Procurement of a new development partner is being led by the Royal Docks Team (a joint initiative from the Mayor of London and the Mayor of Newham) on behalf of GLA Land and Property (GLAP) as freeholder. More detail can be found here.
The Royal Docks Team and Montagu Evans will be attending UKREiiF from 21-23 May 2024.
