Buyers attracted to plan for Albert Dock complex

Investors have already snapped up more than £200 million of property under construction in a £1.7 billion plan to transform the Royal Albert Dock into a third financial centre for London, it emerged on Wednesday.

John Miu, the chief operating officer at ABP, the Chinese developer behind the project, said contracts had been exchanged to sell just over half of the 700,000 square feet of offices being built at the industrial site, due to open next year.

He told the Standard at Mipim: “Buyers include London investors and purchasers from other parts of the UK, India, China and Hong Kong. Many will occupy the offices, while a handful will lease the space to financial services and tech companies.”

Until now ABP, chaired by Xu Weiping, had released little detail on the project, unveiled in 2015.

“Businesses are seeing this site as an alternative to the City and Canary Wharf for opening headquarters.

They are attracted by cheaper investment price tags. Meanwhile the weaker pound has also resulted in discounts for international buyers,” said Miu. The development will include offices, homes and shops.