Chinese Developer to Build Financial District in London
A Chinese developer recently signed a deal that allows them to converts a plot of land next to London City airport to a third financial district in the British capital. The financial district is aimed for Chinese firms and is expected to worth US$ 1.5 billion when completed.
A 14 hectare industrial area near the Royal Albert Dock will be transformed and redeveloped by Advanced Business Park and the British developer Stanhope to a 297,290 square meter complex that will house offices, shops and homes that will mainly cater Chinese firms. By creating a third financial district in London will act as a beacon in hopes to attract eastern investors that are willing to investing the west. This will bring thousands of jobs and billions of pounds of investments to the UK economy.
This will be the first project for ABP outside China, which have built a 1.4 million square meter business park in the southwest part of Beijing and is planning to build two more business parks in Shenyang and Qingdao. The company is targeting Chinese and Asian businesses that I planning to set up offices in Europe. The site will be develop in five phases and a minimum of 55,742 square meters will be built for the first phase and to receive freehold once the construction is completed by 2021.
Advance Business Park is yet to sign up tenants and have seen strong interest from Chinese firms. The company hopes to sell 70 percent of office space since most Chinese firms choose to own their own place rather than renting them.