ABP’s redevelopment of the Royal Albert Docks, E16, is to be supported by the Chinese government.
Through the state-run Chinese conglomerate CITIC, which bought into the 4.7m sq ft scheme last October, the Chinese government is encouraging Chinese companies to take space at the site. CITIC will be one of the first tenants, along with a Chinese bank.
As revealed by Estates Gazette, CITIC Group formed a joint venture investment company in October 2015 to take a 25% stake in the project and act as general contractor.
ABP signed a deal with the Greater London Authority in 2013 to develop 35 acres at the Royal Albert Docks with 3.3m sq ft of office space, 936,000 sq ft of residential, and 480,000 sq ft of shopping and leisure facilities, with the intention of creating London’s third financial district.
More on the Royal Albert Docks from Estates Gazette
ABP’s big plans in little London
VIDEO: What is it like on the ground in China with ABP?
ABP and partners at CITIC, Newham Council and the GLA recently signed a development agreement allowing a small time extension for ABP to procure its building contractors.
A main contractor for the project is to be selected within weeks. Stanhope will remain as development manager.
Two months after buying into the docks, CITIC, with Cindat Capital Management, bought a 70% stake in Brockton Capital’s 60 Curzon Street, W1, once home to Marco Pierre White restaurant Mirabelle. The price valued the site at £200m and allowed the luxury residential development to progress despite a slowdown in the market.
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