The developers have secured a £119m deal with the Bank of Scotland Corporate, part of HBOS plc, for the regeneration of Silvertown Quays in the Royal Victoria Docks area of East London. The loan facility will finance the development of Silvertown Quays which is one of Europe’s largest regeneration projects providing new homes, offices, workspace, retail, leisure, entertainment and community facilities.

David Taylor one of the country’s leading regeneration experts and Chairman of Silvertown Quays Limited said:

“Silvertown Quays is an important development for the capital, bringing a world-class tourist attraction to an area of London that will see considerable benefits as a result. We have remained committed to the delivery of Silvertown Quays and the creation of a new quarter for London. It has required a massive team effort from public and private sector partners and we will now see our vision become a reality with work starting on site over the coming months.”

London Development Agency Chief Executive Manny Lewis said:

“These agreements bring the regeneration of Silvertown Quays to fruition. This fantastic scheme will bring new life to this part of the old docks. It is yet another boost to East London, close to the 2012 Olympic park site.”

London’s premier waterside regeneration development will include 5,000 new homes (including over 1,300 affordable units), 7,800 sq m of office space, 7,600 sq m of flexible workspace, 8,000 sq m of community facilities, 5,570 sq m of restaurants and bars and 18,925 sq m of leisure facilities that will include the world-class aquarium Biota!, being developed by KUD International with the Zoological Society of London (ZSL).

Commenting upon the deal, John McClymont, Regional Head of Corporate Banking at Bank of Scotland Corporate said:

"We are extremely pleased to be playing a significant role in one of Europe's largest regeneration projects. With the completion of this deal, SQL is now able to proceed with its plans for the much anticipated transformation of Silvertown Quays. The company is in excellent shape to take forward the project and we are keen to assist them with the necessary support to help it achieve its ambitious plans for the site."

Development will commence with the refurbishment of the Millennium Mills which will be converted into apartments and Biota! The overall project will proceed in phases over the next 10 years and will also include the refurbishment of listed grain building Silo D.

The agreement between the London Borough of Newham and Silvertown Quays Limited (SQL), KUD International and landowners, the London Development Agency (LDA) will see the delivery of Biota! and a contribution of £25 million to infrastructure and local benefits, bringing major gains to the borough, businesses and the local community. The community facilities include a multi-use community centre, a modern library, a major new health centre and a primary school with nursery facilities.

There will also be new public open spaces and landscaping, better pedestrian, bus and cycle routes and a new pedestrian bridge across the North Woolwich Road to the new Docklands Light Railway station, which will be subject to an early architectural competition. Silvertown Quays is set to be the new heart of the Royal Docks with high quality restaurants and retail offering variety and activity and creating a lively town centre.

Over £1m has been committed for training local people with an estimated 2,000 jobs being created with 25 per cent guaranteed to Newham residents plus 25 percent of construction jobs, with 10 per cent being apprenticeships.

Located adjacent to London City Airport and the ExCeL exhibition centre in the Royal Docks, E16, Silvertown Quays is a vital element of the overall Thames Gateway concept and will link the airport, the river and the existing residential and leisure schemes. The site was masterplanned by Urban Strategies International (USI) an international masterplanning practice from Toronto, Canada.

Sir Robin Wales, Mayor of Newham said:

“Silvertown Quays is a very significant and exciting development for the borough, bringing a much needed town centre to the Royal Docks. The development will bring about substantial benefits for the borough and the local community by regenerating the area and creating a destination with the visitor attraction Biota! There will also be significant contributions to the community as a result of the Section 106 agreement between the borough and the developers.”

Tom Winter, Senior Vice President of KUD International, said:

“After thorough planning and preparation, we can now start to see Silvertown Quays take shape and look forward to delivering all of the benefits that come with it. London deserves a world-class aquarium and we are excited and honoured to be part of the team to make this happen.”

Ralph Armond, Director General of ZSL who will operate Biota! said:

“This is an important milestone for the progress of this exciting new generation aquarium, which will give its visitors a unique experience and inspire them about the aquatic world.”

Biota! the 14, 500 sq m aquarium is strikingly designed by one of the UK’s leading architects Terry Farrell & Partners and will present the global diversity of aquatic life through four strongly contrasting biomes recreating complete ecosystems with plants, fish, free flying birds, mammals and other animals.

The building is arranged around a central atrium and the first floor houses the open ocean and coral reef exhibits with day-lit biomes on the upper floors. The exhibit areas represent diverse world habitats – the Amazon, the British Isles, the Indo-Pacific, and the Atlantic Ocean. The fifth exhibit area, ‘Living Conservation’, focuses on protecting aquatic species and their habitats, the underlying message of Biota!

As well as being a centre of excellence for aquatic conservation, Biota! will also carry out scientific research and education overseen by ZSL. Breeding programmes for critically endangered species are just one of the many projects that will be undertaken at Biota! and will link to others in the UK and around the world including: Project Seahorse (Philippines), Mamirauá Reserve Biodiversity Project (Brazilian Amazon) and the Cabo Delgado sustainable ecotourism project (Mozambique).

As part of the Section 106 agreement the Biota! will provide 12,000 free visits each year for Newham school children and an outreach programme in schools, modern apprenticeships and work experience places plus bursary support for students studying marine biology or a related subject at university.

Notes to Editors:
The 24 hectares (59 acres) Silvertown Quays site is bounded by (and includes part of) the Royal Victoria Dock to the north, Mill Road to the west, North Woolwich Road to the south and Connaught Bridge Road to the east.

Silvertown Quays Limited (SQL)
SQL is a special purpose company set up by regeneration specialist David Taylor who is its Chairman. The company was selected as developer following an international competition for the site by the London Development Agency in October 2002.

KUD International
KUD International specialises in the management, co-ordination, financing, planning, design and construction of major mixed-use regeneration developments and has specific expertise in the delivery of complex leisure projects (including aquaria, stadiums and arenas).

The London Development Agency (LDA)
The LDA is the London Mayor’s agency for driving London's sustainable economic growth. It is the LDA’s job to ensure that London remains a global success story. The LDA is dedicated to improving sustainability, health and equality of opportunity for Londoners.

Bank of Scotland Corporate
Bank of Scotland Corporate, part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. Bank of Scotland Corporate is providing the development funding for the initial stages of the project.

Zoological Society of London (ZSL), a conservation and educational charity, also owns ZSL London Zoo and ZSL Whipsnade Zoo. It is home to the Institute of Zoology, a world leading research unit in conservation research. ZSL undertakes over 40 research and conservation projects around the world.