GLA could take over Royal Docks scheme

The Greater London Authority (GLA) could take back control of a mixed-use Royal Albert Dock project in the coming weeks, due to the financial issues faced by developer ABP (London) Investment. In 2013, then-Mayor of London Boris Johnson agreed the selection of ABP to regenerate a 15ha swathe of dockside, masterplanned by Farrells. The £1bn development would have hosted 2.5m sq ft of office space, as well as leisure, retail and serviced apartments – creating a “vibrant 24/7 location” by 2021-2022, and 4,000 new homes by 2037-38. So far, only the scheme’s 21-unit first phase is complete, with the exception of two listed buildings earmarked for restoration. The GLA said that since April 2019, no significant activity, lettings or investment had been undertaken by ABP. “The GLA has been concerned for some time by the lack of progress by the developer at Royal Albert Dock and served ABP with a final termination notice in August after the developer proved unable to meet all of its obligations under the agreement in place for delivery of this scheme", a GLA spokesperson said. “ABP’s guarantor Dauphin Holdings Group has now formally stepped into the project and assumed ABP’s responsibilities. As part of this process, Dauphin Holdings Group must comply with all of ABP’s outstanding obligations and bring forward the development of this key site".

Building (08/02/2022)   Building Design (08/02/2022)   The Times (05/02/2022)