The Mayor of London, Boris Johnson MP, has announced major plans for the redevelopment of 86 acres of industrial land owned by the Greater London Authority in London Riverside. The development will have the potential to create 6,500 new jobs in east London and means that 99% of all Greater London Authority land has now been released for development.
Once signed, the partnership between the Greater London Authority and SEGRO will be the largest deal of its kind between the public sector and a private land developer in the capital. This is a considerable step forward for the Mayor’s vision for London Riverside, which includes housing plans for Barking Riverside and the surrounding areas that have now been boosted through this job creation.
Following a nine-month procurement process, SEGRO, one of the UK’s leading industrial property companies, has been selected as the Greater London Authority’s preferred partner to deliver the development on the sites, which are known collectively as East Plus. East Plus is a series of industrial locations spanning Newham, Barking & Dagenham and Havering on both sides of the A13 corridor – a key route giving fantastic access to both central London and the Port of Tilbury.
The Mayor of London, Boris Johnson MP, said: “London’s population is at a record high and people are increasingly looking to the east as a place to live and work.
“We are already working hard to build the houses that people need, so I am delighted to welcome SEGRO aboard to help create the jobs. This site has bags of potential and I can see it becoming one of the most sought after addresses for industry – whether large or small.”
The planned 10 year partnership between the Greater London Authority and SEGRO will see 86 acres of land across five sites rejuvenated for a range of industrial uses, with the land to be transferred to SEGRO in stages over the life of the partnership. SEGRO estimates that the sites can support approx. 130,000 m² (1.4 million ft²) of new urban logistics and light industrial spaces, suitable for occupiers ranging from blue-chip companies to start-up firms. SEGRO’s investment is expected to be approx. €244 mln (£180 mln) over the coming years.
Ric Blakeway, Deputy Mayor for Housing, Land and Property, said: “In stimulating the return of industry to London Riverside, this development shows a real commitment to supporting local trades and presenting new opportunities to attract businesses, keeping east London’s industrial heritage alive.
“As part of the Mayor’s vision for east London, we are working hard to create a mixture of residential and commercial property. Industrial life has long been the lifeblood of communities and SEGRO have great plans to promote training, education and employment. I am delighted to have them on board.”
SEGRO were successful in their bid to deliver the transformation of London Riverside following a rigorous nine-month competition for the 10-year deal.
David Sleath, SEGRO Chief Executive, said: “We are delighted to have been selected as the exclusive development partner to the GLA to enable the redevelopment of one of London’s most important industrial areas.
“We have the commitment, expertise and knowledge to help the GLA meet the needs of a growing population and deliver one of the most sustainable and attractive industrial areas in London and the South East, as well as creating over 6,500 jobs across a range of sectors. This significant partnership comes swiftly after our recent acquisition of a 20 acre site inside the m25 in Purfleet.”
Source: SEGRO
