Thu, 30 May 2013The Mayor of London Boris Johnson says around 20,000 full-time jobs could be delivered by a new £1bn development deal to transform London’s docklands into the capital’s next business district – the Royal Docks Enterprise Zone.

The Royal Albert Dock site, owned by the Greater London Authority, will be transformed by Chinese commercial developer ABP, working with UK developer Stanhope, and architects and planners Farrells.

The project would be worth £6bn to the UK economy when complete, and the first occupiers of the new district are due to move in by 2017, with the final end date slated as 2022.

And the Mayor says forging new trade links with China and other Asia-Pacific economies will be a priority for the project, which is already reporting “strong interest for office space” from Chinese firms, including some of its top banks.

Johnson says the docks project would create “a third financial district in the capital”, calling it, with his regular panache, “a beacon for Eastern investors looking West”.

The Zone is also situated close to London City Airport and a new Crossrail station due to open in 2018. The site will be made up of 2.5m sq ft (0.23m sq m) of office space with other leisure space, retail areas and serviced apartments also planned.

Enterprise Zones see significant tax incentives, simplified planning and super-fast broadband and other benefits. The Docks were granted Enterprise Zone status in April last year.

According to the Department for Communities and Local Government, a total of 24 Enterprise Zones had secured £155m of private sector investment, created 60,000 sq ft of floor space and attracted around 1,700 jobs in the first nine months since first opening for business in April 2012. A boost for the schemes was announced in this year's Budget.