Mayor’s new plans to develop and regenerate his portfolio of industrial land in the east of London

Mayor’s new plans to develop and regenerate his portfolio of industrial land in the east of London

  • The Mayor is seeking a single partner to help regenerate a large portfolio of around 40 hectares of underused industrial land in the east of London, owned by the Mayor’s Greater London Authority and within the London Riverside Opportunity Area.
  • The Mayor believes that a more coordinated, multi-site, approach would bring far greater benefits to the area as a whole with wide reaching infrastructure improvements, while increasing inward investment and boosting local employment opportunities.
  • By working with one single partner the Mayor hopes to significantly accelerate the regeneration and development of the sites and surrounding area.
  • He is now inviting potential partners to come forward by mid-May to help shape the plans in advance of a full procurement process expected to launch in the summer.
  • The opportunity is for development of industrial land and therefore a partner will be procured through an OJEU route (PIN – GLA 80536), rather than the London Development Panel which is specifically designed to unlock housing supply.
  • The full list of sites is yet to be confirmed. It is expected to include parts of Beam Reach 5,6, and 8, and the Mayor’s London Sustainable Industries Park.
  • It is proposed that the partnership agreement should be time limited with a clearly defined exit strategy; the duration of the partnership should be long enough for a partner to take an investment view and to bring the sites to the market without creating over-supply.
  • Since the Mayor took on 670 hectares of public land in 2012, a record 85 per cent of it is now developed or in the process of development. His sites, including Trenchard House in Soho, Cane Hill in Croydon, Lymington Fields in Dagenham, St Clements and Queen Elizabeth Hospital in Tower Hamlets, Catford Greyhound Stadium in Lewisham, and Greenwich Square in Greenwich, have already boosted the London economy by £3.6bn.

The Deputy Mayor for Housing, Land and Property, Richard Blakeway said:

“The Mayor is overseeing record regeneration on the public land he’s taken on across the capital, so far providing an economic boost of £3.6bn and unlocking previously stalled or neglected schemes. By combining this portfolio of industrial and underused sites in east London the Mayor expects just as rewarding results. Through sharing resources, new facilities and infrastructure, we aim to create a modern industrial zone, worth far more to London than the sum of its parts, which will help unlock further production and innovation as well as creating thousands of new jobs for Londoners.”