SEGRO has been selected as development partner for the GLA’s major redevelopment of 86 acres of industrial land at London Riverside, east London, known collectively as East Plus.
The series of industrial sites spans Newham, Barking & Dagenham and Havering on both sides of the A13 corridor.
SEGRO estimates the sites can support around 1.4m sq ft of urban logistics and light industrial development. Its investment is expected to be approximately £180m over the coming years.
SEGRO was selected after a nine-month procurement process for the planned 10-year partnership that will see five sites redeveloped for a range of industrial uses. The land will be transferred to SEGRO in stages over the life of the partnership.
Ric Blakeway, deputy mayor for housing, land and property, said: “In stimulating the return of industry to London Riverside, this development shows a real commitment to supporting local trades and presenting new opportunities to attract businesses, keeping east London’s industrial heritage alive.”
Once signed, the partnership will be the largest deal of its kind between the public sector and a private land developer in the capital and means that 99% of all GLA land has now been released for development.
The development has the potential to create 6,500 new jobs in east London.
Mayor of London Boris Johnson said: “We are already working hard to build the houses that people need, so I am delighted to welcome SEGRO aboard to help create the jobs. This site has bags of potential and I can see it becoming one of the most sought after addresses for industry – whether large or small.”
SEGRO chief executive David Sleath said: “We have the commitment, expertise and knowledge to help the GLA meet the needs of a growing population and deliver one of the most sustainable and attractive industrial areas in London and the South East, as well as creating over 6,500 jobs across a range of sectors.”
