Mayor gets London’s largest
urban business
park underway.
Ken Livingstone, Mayor of London, kicked off work on the £500m Royals Business Park when he performed the groundbreaking ceremony on site today. Phase 1 of the Royals Business Park is the first major speculative office building in Docklands, outside Canary Wharf, in ten years. On completion, the 50 acre Royals Business Park will be the capital’s largest urban business park with 1.6 million sq. ft of offices and 100,000 sq. ft of ancillary retail and leisure accommodation.
The first phase of the Royals Business Park
is a joint development between the, Standard Life Investments, Development
Securities PLC and London Development Agency. Two buildings totalling 237,000
sq ft designed by Aukett Europe are linked by a spectacular winter garden
and overlook the Royal Albert Dock and London City Airport. The first phase
is due for completion in early 2004.
Ken Livingstone said: “The
Royals is one of the most important regeneration areas in the UK and is essential
to the capital’s eastern expansion and future prosperity. I am very pleased
that my London Development Agency is a partner in this regeneration scheme,
which will benefit local communities and will transform the district into
a dynamic mixed use location to the benefit of all.”
Development Securities’ Joint Managing director, Julian Barwick added: “The start on site here today marks the beginning of a new and exciting future for these magnificent old docks. With quoting rents of only £26 per sq. ft, the Royals Business Park, with its excellent transport links, provides major occupiers with a high quality cost effective alternative to the City and Canary Wharf”.
David Paine, Investment Director, Developments at Standard Life Investments said: “Our £50 million investment at The Royals will kick start the first phase of the scheme and give Standard Life Investments the opportunity to play our part in regenerating a previously neglected part of London. The quality of the development will ensure that The Royals Business Park becomes the location of choice for those who do not need or want to be in the heart of the City.”
Letting agents ATIS Real Weatheralls and Knight Frank are already receiving strong interest from financial services and other companies located in and around London and from international organisations looking for a London base.
