Albert Island Development Opportunity

Description

GLA Land and Property Limited (GLAP) is advancing plans for the comprehensive redevelopment of Albert Island, a strategically significant 25-acre brownfield employment site in at the Royal Docks, Newham. The site has been selected by GLAP and the City of London Corporation as the preferred location for the co-located new Smithfield and Billingsgate Markets, that will be relocating from their current locations in the City of London and Tower Hamlets respectively. The opportunity is expected to involve the appointment of a development partner to work with GLAP and the Corporation to bring forward the two new wholesale markets, alongside supporting commercial and ancillary uses. The development will also require the delivery of enabling infrastructure, site servicing, and associated works to unlock the site. The existing planning consent on the site provides for c.750,000 sq ft of development, while the two new co-located markets are expected to comprise circa c.300,000 sq ft in addition to the supporting commercial and ancillary uses which are less defined. Working with the Corporation, GLAP is currently testing a range of schemes and delivery options, to inform the preferred approach. To support this, GLAP will be undertaking a Preliminary Market Engagement (PME) exercise. This will provide an opportunity for interested organisations to engage with GLAP, inform the emerging delivery and procurement strategy, and shape the approach to selecting a development partner. Montagu Evans LLP is supporting GLAP in coordinating the PME process and managing engagement with the market during this stage.