£1.5bn site near Olympics up for grabs

Seven teams are competing to build a £1.5bn development close to the 2012 Olympic park.

St George Central London, Development Securities Consortium, Hutchison Whampoa Properties, Stanhope, Chelsfield Consortium, Delancy and British Land working with Barratt Developments have been invited by the London Development Agency and Newham council to draw up outline proposals for the Silvertown Quays project.

The 50-acre site, which sits to the south-east of the Olympic park, is close to London City Airport and is expected to benefit from the Custom House Crossrail station opening in 2018.

The development - considered one of the biggest development opportunities in the capital - is expected to boast more than 4,000 homes along with office space.

Sir Robin Wales, mayor of Newham, said: “London is moving fast and there is huge potential here for investment, growth and greater prosperity. The Royal Docks are where London’s future essential economic growth can truly thrive. There has never been a better time to invest in the new heart of London.”