A £3.5 billion regeneration project in east London has begun today, promising to transform the area into a new creative workspace with “at least 10,000 London jobs”.
It’s a new move for the Royal Docks area, following City Hall’s recent move to the area. The vision for the new Silvertown Area’s Millennium Mills is one of a seven million square foot vibrant hub, offering Londoners 6,000 new homes on top of professional opportunities.
Building has commenced on what is considered an east London landmark; appearing on the big screen in films and TV after closing in 1981. This is by no means the first time developers have attempted to regenerate the area, but it is the first successful one in over 40 years.
Included in the funding secured by London Mayor Sadiq Khan is an £80 million housing grant, which will see 1,500 homes delivered in the initial phase of the project, with a target of 50% of these being within the affordable housing bracket.
Restoring both the mills and the Grade II-listed Silo D, the development plans to cater to a population of around 13,000. But, those with a keen eye on a move to the fully transformed area will have to wait a while. Silvertown is estimated to be complete by the early 2030s, though the first homes in the area have been slated for 2024.
This new Royal Docks project marks Mayor Sadiq Khan’s largest land-led regeneration project, with the GLA owning over 175 hectares of land. Over the next 20 years, the area is forecasted to create 42,500 new jobs and 30,000 new homes.
Sadiq Khan, said: “I am delighted to see work getting underway at this landmark East London location that has vexed planners and politicians alike for the last 40 years.
“The regeneration of this area is long overdue and I’m excited by the plans for Silvertown which respect its past whilst embracing East London’s vibrant and creative future.
“Not only will this project create a vibrant new neighbourhood with 50 per cent genuinely affordable homes but it will also create highly skilled jobs while supporting the regeneration of the Royal Docks as we build a better, fairer and more sustainable city for everyone.”