A vast Docklands housing development of more than 5,000 homes on the Thames opposite the O2 is to go ahead after being funded by a Middle East property company.
Dubai based Arada has paid £225 million to buy an 80% stake in the Thameside West waterfront scheme at the western end of the Royal Docks.
Work on the £2.5 billion project, which received planning consent from Newham council as long ago as 2021, is now expected to start in 2027. Phase 1 is due to be completed in 2029 with the whole development built out by around 2037.
Half of the 47 acre site will dedicated to green space with 1km of “active waterfront.”
It will be one of Europe’s biggest new regeneration areas - twice the size of the Hudson Yards mixed-use development in New York - occupying central London’s longest stretch of undeveloped riverfront. It will be spread over around 30 towers up to 25 storeys high
The housing delivered will include 35% designated affordable.
Around 1,000 homes will be delivered in the first stage of the project, which has been masterplanned by Foster + Partners. Construction will be led by London developer Regal, which Arada bought in a £500 million investment in September.
The scheme will also have around 10% of its space allocated to retail, leisure, restaurants and bars.
Arada will bring some of its owned brands to open in the first phase including a restaurant called Tashas, an Australian coffee shop called Reformatory Lab, and an Australian cookie concept Brooki’s.
The former industrial site, where local tenants included the Carlsberg Tetley brewery, was assembled by Swiss owned property family office investor Keystone.
The site benefits from easy access to the recently completed Silvertown Tunnel, as well as Custom House station, City Airport and the IFS Cable Car. Arada said it aims to deliver a new DLR station, in partnership with Transport for London.
Thameside West was initially refused planning permission by Newham council in 2019 over concerns about infrastructure. It was ultimately approved the following year after being called in by the GLA.
Arada chairman Sheikh Sultan bin Ahmed Al Qasimi, said: “Our entry into this market was grounded in our unwavering faith in London and its attractiveness as one of the world’s leading capital cities. At the time of the Regal acquisition, we articulated our ambition to scale our London residential pipeline to 30,000 units over the next three years, and we have swiftly delivered on growing that pipeline.
“Thameside West represents a unique opportunity to create a landmark riverside development, and we look forward to working with our partners and utilising our long-standing track record in large-scale, amenity rich residential schemes to unlock the delivery of new housing for London.”
Tom Copley, Deputy Mayor for Housing and Residential Development said: “I am delighted that Arada is investing in London to transform Thameside West – one of the key sites within the Royal Docks. This really is a fantastic example of how we can unlock London’s potential to deliver the homes our city so urgently needs.
“Working together we will be able to deliver at least 5,000 new homes, 35 per cent of which will be affordable as part of a thriving new neighbourhood in the heart of this historic part of East London.
“This is a landmark moment as we continue to push ahead with our plans to return the Royal Docks to its former glory and create a better, fairer, greener London for everyone.”
Lord Norman Foster of Thamesbank, founder and executive chairman of Foster + Partners, said: “Thameside West is a place where architecture, nature and infrastructure come together in balance. The stepped design ensures exceptional views from every building, while the integration of air, road, rail, river and tunnel links makes this one of the most connected sites in London.
“Half the master plan is dedicated to green space, including more than a thousand trees and a kilometre of active waterfront, creating a setting that is both restorative and dynamic. Our goal is to build a truly inclusive community - one that brings opportunity, sustainability and vitality to the heart of London.”
Giorgio L. Laurenti, chairman of Keystone, said: “One of the most significant development opportunities in Greater London, Thameside West is a transformational destination designed to deliver thousands of new homes while generating substantial economic and social value for the wider community.
“With Arada, we have found an ideal and trusted partner, with tried-and-tested experience in large-scale urban mixed-use districts, to work with as we move closer to bringing this landmark project to life.”
