Silvertown Quays gets the go ahead

5th June 2008

The transformation of Silvertown Quays is now set. The £1.5 billion development received the green light from the London Borough of Newham following the confirmation of planning approval and the completion of legal and funding agreements by developer Silvertown Quays Ltd (SQL).

The developers have secured a £119 million deal with the Bank of Scotland Corporate, part of HBOS plc, which will finance the scheme, which is one of Europe's largest regeneration projects providing new homes, offices, workspace, retail, leisure,

entertainment and community facilities.

David Taylor, one of the country's leading regeneration experts and Chairman of SQL, said: "Silvertown Quays is an important development for the capital, bringing a world-class tourist attraction to an area of London that will see considerable benefit as a result. We have remained committed to the delivery of Silvertown Quays and the creation of a new quarter for London. It has required a massive team effort from public and private sector partners and we now see our vision become a reality with work starting on site over the coming months."

Development will start with the refurbishment of the Millennium Mills, which will be converted into apartments, and Biota!, the world class aquarium being developed by KUD International with the Zoological Society of London (ZSL). The overall project will proceed in phases over the next 10 years and will also include the refurbishment of listed grain building Silo D.

The agreement between the London Borough of Newham and Silvertown Quays Ltd, KUD International and landowners, the London Development Agency, will see the delivery of Biota! and a contribution of £25 million to infrastructure and local benefits, bringing major gains to the borough, businesses and the local community. The community facilities include a multi-use community centre, a modern library, a major new health centre and a primary school with nursery facilities.

An estimated 2,000 permanent new jobs will be created, with 25% guaranteed to Newham residents. In addition, 25% of the construction jobs will go to local people.

Biota! will provide 12,000 free visits each year for Newham school children and an outreach programme in schools, as well as modern apprenticeships and work experience places and bursary support for students studying marine biology or a related subject at university.