Deal done on London's newest business hub

A £1 billion deal has been signed to create a new business hub in London’s Docklands with the aim of attracting growing Asian enterprises, ft.com reports.

The new development, which was created to offer a home in London for the fast-growing “tiger” businesses, has been billed as Europe’s first ever Asian business port. Once completed, the development will offer 3.5 million square foot of office space that will provide the workplace for some 20,000 brand new full-time jobs. As a result, the only other financial districts that will be larger are the City and Canary Wharf.

In addition, through business rates alone, the development could raise £23 million annually, whilst contributing a total of £6 billion a year to the UK economy. It may also provide a boon for conference centres in the capital as increasing numbers Asian businessmen and women make the trip to London for business meetings and events.

Hailed as its very own “mini-city”, the area would operate 24-hours a day so that workers can correlate their shifts with those in different time zones across the world.

Outside of the office, there will be a number of shops and restaurants on offer, with design work being handed to renowned architect Sir Terry Farrell.

Speaking to standard.co.uk after the deal was signed, London Mayor Boris Johnson enthused: “For centuries, the waterways of London were the throbbing arteries of UK trade and commerce. This deal symbolises the revival of that great era.”