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Boris Johnson has confirmed a 拢1.5bn plan to transform Silvertown Quays in London鈥檚 Royal Docks.

The Mayor of London announced this morning that the deal with The Silvertown Partnership, a consortium of Chelsfield Properties and First Base, will see Silvertown Quays transformed into a new innovation quarter and destination for global brands.

The plan will see the site, currently owned by the Greater London Authority developed into a cluster of purpose built centres for product innovation.

The new quarter will also contain space for incubator and technology businesses well as more than 1500 new homes, restaurants, cafes, galleries and leisure facilities both on and off the water.

Situated in the heart of the Royal Docks Enterprise Zone, the 50 acre site will also benefit from a new bridge connecting it to the ExCel.

Work on the first phase of the site is expected to begin in 2014/15 with the first businesses moving in in 2017.

The whole development is expected to create 拢6.5bn of economic benefit for the UK economy over the next 25 years.

The Silvertown Partnership were selected as preferred developer for the Silvertown Quays site in 2012.

They鈥檝e now signed a Master Development Agreement (MDA) with the GLA. 

An outline planning application is now being prepared and will be submitted to the London Borough of Newham in the next 12 months.

Johnson said: 鈥淭he regeneration of London鈥檚 historic Royal Docks continues apace. The confirmation of this deal to return Silvertown Quays to its former glory will bring thousands of new homes and jobs back to east London.

鈥淚t will also make the Docklands a must go visitor destination helping to unlock the economic potential of surrounding areas.鈥�

Elliot Lipton of The Silvertown Partnership said: 鈥淭he Silvertown will create a new waterside destination for London where people can interact with the range of brands, alongside restaurants, galleries, shops and homes all set in a beautifully landscaped and attractive environment which will make the most of the dock鈥檚 features.

鈥淎s a centre for innovation, The Silvertown will also allow global brands to showcase their products and be a thriving place for people to live, work and visit.鈥�