London is moving east – that’s the message from business leaders in London’s Royal Docks today [20 November].
As London City Airport launches a report on its future plans, businesses and developers are calling for more recognition of the huge investment taking place in and around the Royal Docks, which they are calling the ‘Crown Jewels of East London’.
Up to 50,000 new jobs will be created in London’s Royal Docks in the next ten years. Businesses in the docks will attract more than 12 million visitors a year and will have generated almost £75bn for the UK economy by 2023, with a further minimum annual contribution of £7bn thereafter.
Cast the net a little wider to Canary Wharf and Stratford’s International Quarter and more than 300,000 jobs will be supported in these key areas of East London alone by 2030.
Almost half of new housing being built in the city is in East London, there’s a bigger forecast growth in population in East London than in any other part of the city and the area has more business start-ups than any other part of the city.
Declan Collier, Chief Executive of London City Airport said: “It is no coincidence that the airport is on track for a record-breaking year in terms of passenger numbers, nor is it a coincidence that UK and foreign investors are showing great belief in London’s Royal Docks. This is all driven by demand. London is moving east and the business community needs to be working as a team to grasp the opportunity presented. We’ve got some great individual players, now is the time to show the strength of the whole squad.”
Once the beating heart of London’s shipping trade, the Royal Docks are now the business tourism district of London with ExCeL and the airport, the gateway to East London for air travel, and home to the University of East London. Significant investment from The Silvertown Partnership will deliver a new waterside destination in the Docks with cutting edge brand pavilions, new homes, restaurants and shops, while ABP plans to build a large-scale Asian business port opposite the airport’s runway. Connectivity will be improved by the introduction of Crossrail from 2018.
James Mark, Executive Director at ExCeL said: “Not too long ago, the idea of the Docklands being an economic powerhouse in London once again seemed impossible to some. Now the centre of gravity is moving east, and the Docklands really are the crown jewels of East London. We’re leading in aviation, we’re leading in business tourism, we’re leading in events. Investment is pouring in, and this is only set to increase in the future. There has never been a more exciting time to be in business in East London. As demand for what London has to offer continues to grow, we will keep hosting word leading events and keep celebrating the success of the Docklands regeneration.”
Elliot Lipton of The Silvertown Partnership said: “Our vision for The Silvertown will create a world class destination, home to innovative design, technology businesses and global brands offering customers engaging and immersive experiences. This will be a thriving place for people to live, work and visit with over 9,000 new jobs created, up to £20 million additional local spend each year and an additional £6.5bn boost to the UK economy when complete.”
Tom Keady, ABP said: “There are already more than 50 businesses from Asia expressing strong interest to locating within our Royal Albert Dock project and so ABP is proud to be the flag-bearer for creating a new international business district in the docks.”
Sara Parker, Director of London Region, CBI said: “Following the huge success of the 2012 Olympics, East London has a real opportunity to be at the forefront of London’s economic growth in the coming decade. The significant investment in infrastructure is attracting major international businesses to invest in East London and spurring the development of housing and leisure facilities. This is making East London the place that investors, businesses, employees and students want to be.”