Plans for the new mixed use district include proposals for 228,570 square metres of commercial and retail space and 126,440 sq m of residential homes. It is estimated that once complete, the development would create £3bn of economic benefit for the capital, London Mayor Boris Johnson has said.
Silvertown Quays is part of one of the last major regeneration opportunities in London and has been the focus of previous ambitious plans that have stalled. The site is within the Royal Docks Enterprise Zone in east London.
Chelsfield Consortium has been chosen as the preferred bidder and is made up of Chelsfield Partners, First Base and Imagination Europe. DV4 Limited, advised by Delancey Real Estate Asset Management, has also been shortlisted, along with St George Central London.
"The Royal Docks is ripe for investment and today’s announcement shows that we’re serious about making the area a business powerhouse. Newham offers an investment opportunity on a scale unmatched anywhere in Europe," said Sir Robin Wales, the Mayor of Newham.
The selection of Chelsfield as the preferred bidder follows a procurement process undertaken by the London Development Agency. The process began in July 2011.
In the final phase the bids were judged according to criteria that included the vision and content of the scheme and the developers' ability to deliver the project quickly.
