Royal Docks Enterprize Zone has the potential to deliver 35,000 jobs, 4,000 new homes and attract more than £5 billion in inward investment by 2037/38. It is London’s only Enterprise Zone – a designated area where employers can access business rate relief and other financial support.
The planned investment, to be carried out over five years from 2018/19, will support the comprehensive regeneration of the Royal Docks– reviving it as a distinctive location for business and culture that nurtures highly skilled and highly productive jobs for Newham residents and Londoners.
Under the new plans, an integrated package of investment in transport infrastructure, connectivity, economic development, placemaking, creative programming, promotion and estate management have been proposed to help deliver the transformation of the area.
In addition to Excel London, key tenants in the area include London City Airport, ABP London, Tate & Lyle and the University of East London.
This December, the Elizabeth Line will arrive at Custom House station, delivering an additional 18,000 visitors per hour. By dramatically reducing journey times, it will allow visitors from every corner of the UK to spend more time at events at Excel. Senior decision makers will be able to drop in for a meeting or stay for the day, ensuring the best quality audience.
The Enterprise Zone is part of the larger Royal Docks & Beckton Riverside Opportunity Area, which has the potential to create up to 60,000 jobs and 25,000 new homes.
The Mayor of London, Sadiq Khan, said: “This 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.”
Key projects in the plans include:
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. Sadiq recently established a Royal Docks Delivery Team at City Hall, which will lead on the implementation of the plan.
The 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.”
