Newham Council has just granted detailed planning approval for the first phase of the 35-acre scheme, as well as outline approval for the rest of the development.

The site on the north side of the dock will eventually be home to over 3.2m sq ft of high quality work, retail and leisure space, including 2.5m sq ft of prime office space.

The land is owned by the Greater London Authority and ABP have committed to developing a minimum of 600,000 sq ft in the first phase, with strong interest for office space already being shown by Chinese companies, including some of the country’s top banks.

Royal Albert Dock site

Development plan designed by Farrells

ABP chairman Xu Weiping said: “ABP’s £1bn scheme will transform this derelict site into London’s next business district, bringing significant social and economic benefits to the local area and creating up to 20,000 new jobs.

“This permission is not just important for ABP; it is a huge step forward for the wider regeneration of the Royal Docks.”

ABP plans to complete the first phase by 2018, which will include a central square, new routes through the site, offices and residential.

Sixty Chinese companies have already expressed an interest in occupying office space on the site.