The new development in Newham — led by The Silvertown Partnership (TSP), a joint venture between Lendlease and Starwood Capital — will comprise seven million square feet of residential and commercial space, public parks and improved access to the water, including the new Silvertown Bridge and a new bridge over Royal Victoria Dock.

The scheme is set to deliver over 6,000 new homes and 1.8 million sq ft of business workspace, and is expected to support 10,000 new jobs.

The first phase of the development will see 1,500 new homes built, half of which will be affordable dwellings delivered by The Guinness Partnership (TGP), including homes for social rent, London living rent, and shared ownership.

Homes England will provide £233m of infrastructure loan funding for the regeneration project, while City Hall — now located in the area — is offering an £80m grant to TGP to complete the affordable housing in phase one.

Peter Freeman, chair of Homes England, said: “Our commitment to the Silvertown project is another example of how we can work with the private sector to bring forward large, complex sites and help to transform them into the places of the future.

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“This infrastructure funding will enable The Silvertown Partnership (TSP) to create new communities in the heart of east London and bring swathes of derelict brownfield land back to life.”

During a visit to the local Millennium Mills, a landmark included in the restoration project, Mayor of London Sadiq Khan commented: “I am delighted to see work getting underway at this landmark east London location that has vexed planners and politicians alike for the last 40 years.

“The regeneration of this area is long overdue and I’m excited by the plans for Silvertown, which respect its past, while embracing east London’s vibrant and creative future.

“Not only will this project create a vibrant new neighbourhood with 50% genuinely affordable homes, but it will also create highly skilled jobs, while supporting the regeneration of the Royal Docks as we build a better, fairer and more sustainable city for everyone.”

Ed Mayes, TSP’s development director for Silvertown, added: “It’s very exciting that after lying dormant for over 30 years, Silvertown is now starting to come back to life as a vibrant town centre for the Royal Docks and a new destination for Londoners.

“Silvertown is being revived and re-imagined as a waterside destination to deliver much-needed new housing for Newham and the rejuvenation of the historic Millennium Mills — an iconic east London neighbourhood is about to awaken.”