The Royal Docks regeneration in east London has the potential to create 35,000 jobs, 4,000 new homes and could attract more than £5bn in inward investment by 2037/38.
The detailed delivery plans for the 112-hectare Royal Docks enterprise zone has been 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 planned investment – which is to be carried out over five years from 2018/19 – will be used to support the comprehensive regeneration of the Royal Docks over the next five years.
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“[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,” said the mayor of London.
“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.”