Construction starts on £1.7bn Royal Albert Dock scheme

Chinese state-owned contractor CITIC has started construction work on a £1.7bn development at Royal Albert Dock in east London.

The scheme is backed by Chinese developer ABP and will act as a new gateway to Europe for Asian businesses.

Plans for “London’s next business district” have seen £320m in funding raised for the first phase which should be completed in the spring of 2019.

The initial development includes seven new public squares and a new waterfront walkway.

ABP signed an agreement last week which will see the Chinese province of Guangdong set up a major base at Royal Albert Dock to boost trade between the UK and China.

Guangdong Province has appointed a private Chinese enterprise, Tian’an Group, to set up a 3,000 to 5,000 sq m centre to raise awareness of consumer brands not yet established in the UK and to find local suppliers and businesses to trade with.

Mr Xu Weiping, Chairman and President of ABP, said: “Today marks an important milestone in establishing London’s next business district at Royal Albert Dock and promoting trade between London and China in post-Brexit referendum uncertainty.

“It is an endorsement for London that there is already a great deal of occupier interest from Asia in this project and today is a positive step forward in cementing east London’s future as one of the most exciting places to do business.”

from Construction Enquirer http://www.constructionenquirer.com/2017/06/28/construction-starts-on-1-7bn-royal-albert-dock-scheme/

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