London & Regional Properties (L&R) has been selected as the Greater London Authority’s partner to regenerate Albert Island in London's Royal Docks area.
The firm run by the Livingstone brothers will act as the Greater London Authority’s partner on the 10 ha site which is largely owned by GLA.
'We are very excited to have been chosen and are looking forward to working on this project with the local community, the GLA and the London Borough of Newham,' the company said in a statement.
Details of L&R's plans have yet to be revealed but the GLA masterplan for the site includes development of a commercial boatyard, redevelopment of the existing marina in the northern part of the site and housing around the southern part facing the Thames, with the total investment believed to be around £1 bn (€1.13 bn).
London's former Mayor, Boris Johnson unveiled plans to transform the Royal Docks and deliver 24,000 new homes in March 2016.
The area is set to benefit from major transport infrastructure projects such as Crossrail and new crossings over the Thames, such as the Silvertown Tunnel. It would be the second major construction project in the area after Chinese developer ABP secured planning permission for a large financial and business district.
