A Dubai-based property giant has unveiled the first phase of its plans for a £2.5 billion regeneration scheme set to transform a major stretch of east London’s waterfront.
The ‘Thameside West’ development will reshape a 47-acre site at the western end of the Royal Docks in Silvertown, facing The O2 arena in North Greenwich.
When complete, the scheme will deliver around 5,000 homes, with 35 per cent earmarked as affordable housing. Half of the entire development area will be dedicated to green space, including what is set to become east London’s first major new riverfront park since 2000.
The first phase will see six buildings constructed alongside a new public park.
The scheme is being led by Arada, one of the Middle East’s fastest-growing real estate companies, which was founded by Middle Eastern royalty: Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal and Sheikh Sultan bin Ahmed Al Qasimi of Sharjah.
Based in Dubai, Arada manages a portfolio worth more than AED 60 billion (£13 billion) and entered the London market last year after acquiring an 80 per cent stake in Thameside West from London developer Keystone for £225 million.
Arada has also committed a further £100 million investment into the project.
A key feature of the regeneration will be a new public park designed by landscape architects Planit. Part of the green space will be built directly above the recently completed Silvertown Tunnel, creating a landmark riverside destination for residents and visitors.
The project team has also brought in global design and architecture firm Gensler to redesign the first phase of the scheme, ensuring the homes meet the UK’s latest building safety and fire regulations.
Arada is also working with Transport for London (TfL) on a proposed new Docklands Light Railway station, Thames Wharf, which would be delivered in time for the arrival of the first residents.
The developer is expected to contribute £9 million towards the station, which would sit between Canning Town and West Silvertown and improve connections across the Royal Docks.
Arada group chief executive Ahmed Alkhoshaibi said: “Large-scale developments such as Thameside West require a huge amount of collaboration, ensuring that new housing is delivered alongside amenities and public infrastructure.”
He added: “We remain committed to working with our partners to ensure that this first phase and future phases are designed to meet modern living requirements over this multi-year project.”
Tom Copley, London's deputy mayor for housing, said: “I am delighted that Arada is moving ahead with the first stage of redeveloping Thameside West, one of the key sites within the Royal Docks.
“Working together we will be able to deliver at least 5,000 new homes, 35 per cent of which will be affordable, as we continue to return this part of the capital to its former glory and create a better, fairer, greener London for everyone.”
