The detailed delivery plan for the 112-hectare Royal Docks Enterprise Zone was signed off by the board of the London Economic Action Partnership (LEAP), which – as London’s Local Enterprise Partnership (LEP) – is responsible for allocating funding raised through the Enterprise Zone.
The Royal Docks is London’s only Enterprise Zone, where employers can access business rate relief and other financial support.
The planned programme of works, to be carried out over five years from 2018/19, includes investment in transport infrastructure, connectivity, economic development, placemaking, creative programming, promotion and estate management.
Mayor of London Sadiq Khan said: “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.
“I’ve vowed to be the most pro-business mayor that London has ever had. Through these plans to attract businesses and talent into the Royal Docks, 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.”
The mayor is a major landowner in the Royal Docks – which includes Silvertown Quays, Royal Albert Dock and Albert Island – along with the London Borough of Newham.
Mayor of Newham Rokhsana Fiaz said: “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.
“The potential of this investment to improve the lives of our residents and benefit the whole of London, is great and will fully involve our local residents. I am pleased that they will be at the heart of this exciting regeneration project with businesses from around the world. I am really excited to be working with residents, partners and the mayor of London to help deliver this ambitious plan.”