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UK: UAE-based developer Arada has acquired an 80 per cent stake in the £2.5 billion Thameside West mixed-use development in London’s Royal Docks.
The 47-acre site, which has been masterplanned by Foster + Partners, will deliver at least 5,000 homes, with 1,000 homes due to be delivered in the first phase of the project.
Arada will work alongside the London Borough of Newham, the Greater London Authority (GLA), Transport for London and the other major landowner, GLA Land and Property, to transform the former industrial site into a vibrant new neighbourhood.
Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “Our entry into this market was grounded in our unwavering faith in London and its attractiveness as one of the world’s leading capital cities. At the time of the Regal acquisition, we articulated our ambition to scale our London residential pipeline to 30,000 units over the next three years, and we have swiftly delivered on growing that pipeline. Thameside West represents a unique opportunity to create a landmark riverside development, and we look forward to working with our partners and utilising our long-standing track record in large-scale, amenity rich residential schemes to unlock the delivery of new housing for London.”
Tom Copley, deputy mayor for housing and residential development, added: “I am delighted that Arada is investing in London to transform Thameside West – one of the key sites within the Royal Docks. This really is a fantastic example of how we can unlock London’s potential to deliver the homes our city so urgently needs. Working together we will be able to deliver at least 5,000 new homes, 35 per cent of which will be affordable as part of a thriving new neighbourhood in the heart of this historic part of East London. This is a landmark moment as we continue to push ahead with our plans to return the Royal Docks to its former glory and create a better, fairer, greener London for everyone.”
Lord Norman Foster of Thamesbank, founder and executive chairman of Foster + Partners, said: “Thameside West is a place where architecture, nature and infrastructure come together in balance. The stepped design ensures exceptional views from every building, while the integration of air, road, rail, river and tunnel links makes this one of the most connected sites in London. Half the masterplan is dedicated to green space, including more than a thousand trees and a kilometre of active waterfront, creating a setting that is both restorative and dynamic. Our goal is to build a truly inclusive community – one that brings opportunity, sustainability and vitality to the heart of London.”
Giorgio L Laurenti, chairman of Keystone, which sold the 80 per cent stake to Arada, added: “One of the most significant development opportunities in Greater London, Thameside West is a transformational destination designed to deliver thousands of new homes while generating substantial economic and social value for the wider community. With Arada, we have found an ideal and trusted partner, with tried-and-tested experience in large-scale urban mixed-use districts, to work with as we move closer to bringing this landmark project to life.”
Highlights:
• UAE-based developer Arada has acquired an 80 per cent stake in the £2.5 billion Thameside West mixed-use development in London’s Royal Docks
• The 47-acre site, which has been masterplanned by Foster + Partners, will deliver at least 5,000 homes, with 1,000 homes due to be delivered in the first phase of the project
• Arada will work alongside the London Borough of Newham, the Greater London Authority (GLA), Transport for London and the other major landowner, GLA Land and Property, to transform the former industrial site into a vibrant new neighbourhood
