Agent appointed on £1.7bn Royal Albert Dock site review

The Greater London Authority has appointed Montagu Evans to carry out a strategic review of the stalled £1.7bn Royal Albert Dock development in the Royal Docks, E16 – an area covering 35 acres. The first phase has already been built and is being marketed for sale through liquidators PwC, including 21 BREAAM Excellent waterside buildings totalling more than 488,000 sq ft. Montagu Evans will explore strategic development options for the remaining phases 2-6, culminating in an implementation plan that will include a delivery and procurement strategy and provide the framework for the selection of a new delivery partner. The final report is anticipated early 2023. As part of that work, the agent will identify issues and opportunities for maximising future development potential in wider market, policy and regeneration contexts, as well as reconsidering the overall masterplan approach. Royal Albert Dock lies within London’s only Enterprise Zone and has planning consent for more than 3.5m sq ft of development incorporating residential, retail and commercial space. Its transport links include the new Elizabeth Line. Dan Bridge, Royal Docks programme director, said: “Royal Albert Dock remains an important site within the Royal Docks, with the opportunity to deliver thousands of new jobs and support significant investment in London’s only Enterprise Zone.” Bridge added that the review aims to “maximise local benefits and secure a sustainable new future for this part of London”. Oliver Maury, partner at Montagu Evans, said: “This review marks an important milestone in the reshaping of the Royal Docks. Royal Albert Dock should be a distinct and diverse part of London, with a clear sense of place and purpose, delivering economic, social and environmental value through mixed-use development. “Everything promoted on site will need to complement and respond to surrounding development, commercial spaces and communities, while remaining viable and deliverable. Whatever the final recommendations, it really is an immense opportunity to do something new and positive for the area.” China’s Advanced Business Parks was removed as developer from the 35-acre project in July, with liquidators appointed for the scheme in the same month. ABP had won the development contract in 2013. To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Photo © Simon Kennedy (licensed under the Creative Commons Attribution-Share Alike 4.0 International licence)