Real estate investment trust Segro has announced its East Plus scheme in London Riverside has the potential to create 6,500 jobs.
The project will support around 426,720sq m of urban logistics and light industrial spaces, suitable for occupiers ranging from blue-chip companies to start-up firms, according to Segro.
Building work on the first phase will begin in late 2016. The project will be delivered in partnership with the Greater London Authority (GLA) and is the largest deal of its kind between the public sector and a private land developer in the capital.
Segro, selected by the GLA after a nine-month selection process, will carry out the redevelopment of five industrial locations spanning Newham, Barking and Dagenham and Havering over a 10-year period.
The land will be transferred by the GLA in stages over the life of the partnership. The plans mean that 99 per cent of all GLA land has now been released for development.
Segro’s investment is expected to be around £180 million over the coming years.
Knight Frank, Glenny and Lambert Smith Hampton have been appointed as the agents for the development.
The mayor of London, Boris Johnson, announced the plans at the beginning of October 2015. He said: "London's population is at a record high and people are increasingly looking to the east as a place to live and work.
"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."
Richard Blakeway, deputy mayor for housing, land and property, added: "Industrial life has long been the lifeblood of communities and Segro has great plans to promote training, education and employment. "
Segro chief executive, David Sleath, said: "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."
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