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Plans for London's new financial centre take shape as investors pile in at Royal Albert Docks scheme

Grand plans to create a third financial centre in London are continuing to take shape after the developer behind the massive Royal Albert Docks scheme said that investors had already greedily gobbled up over £200m-worth of property at the development.

Transformation of the 35-acre in Newham is being masterminded by ABP with the developer breaking ground on the massive £1.7bn development last November amid grand claims that it wants to create a new financial centre in the capital.

Now, ABP’s Chief Operating Officer, John Miu, has claimed that large swathes of the redevelopment have already been snapped up by eager investors, with local as well as Far Eastern and Indian clients already signing leases for half of the 700,000 sq ft of office space being developed there ahead of its launch next year.

Speaking to the Evening Standard at Mipim, Miu said: “Buyers include London investors and purchasers from other parts of the UK, India, China and Hong Kong. Many will occupy the offices, while a handful will lease the space to financial services and tech companies.”

Previously the Chinese developer had said that its ambitions for the mixed-use development were to create a new centre for Asian financial and technology businesses in London, to work in tandem with Canary Wharf which is thronged with North American financial services and finance businesses.

Mixing a vast array of floor sizes, from 300 sq ft up to 100,000 sq ft, across smaller buildings ranging from five to 12 storeys, the developer is hoping to attract companies of all sizes to the new scheme, with its proximity to London City Airport also providing a useful bridge into Europe.

“Businesses are seeing this site as an alternative to the City and Canary Wharf for opening headquarters.

“They are attracted by cheaper investment price tags. Meanwhile the weaker pound has also resulted in discounts for international buyers,” added Miu.