Newham gives planning permit to £1.5bn waterside regeneration scheme in East London

The £1.5bn regeneration of Silvertown Quays in East London has been granted planning permission by the London Borough of Newham.

Following the completion of the legal agreements permission for the 60 acre site to be regenerated into a major mixed use scheme of 494,020 sq m has been approved.

David Taylor, chairman of Silvertown Quays, 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 benefits as a result. We have remained committed to the delivery of Silvertown Quays and the creation of a new quarter for London.”

The waterside regeneration development will include 5,000 new homes (including over 1,300 affordable units), 7,800 sq m of office space, 7,600 sq m of flexible workspace, 8,000 sq m of community facilities, 5,570 sq m of restaurants and bars and 18,925 sq m of leisure facilities that will include the world-class aquarium Biota!, being developed by KUD International with the Zoological Society of London (ZSL).

The Bank of Scotland Corporate, part of HBOS plc, has put £119m towards funding the development.

John McClymont, Regional Head of Corporate Banking at Bank of Scotland Corporate said: “With the completion of this deal, SQL is now able to proceed with its plans for the much anticipated transformation of Silvertown Quays.”