Out-Law News | 03 Feb 2014 | 4:38 pm |
The £2.5 billion scheme, which will be carried out by developers Chelsfield Properties and First Base, also includes commercial space and restaurants as well as a number of 'brand pavilions' which will combine product demonstration space, office space, exhibition space and retail space to allow international brands to showcase their products.
The project is expected to create 9,000 jobs and generate £6.5 billion into the UK economy over the next 25 years.
Chelsfield and First Base signed a master development agreement for the scheme with the Greater London Authority (GLA) in June last year after they were picked by the GLA as its preferred development partner.
The developers plan to submit an outline planning application to the London Borough of Newham later this year. Subject to consent, work on the site is expected to start in 2014/15 with the first businesses opening there in 2017.