Plans have been approved for a £314 million regeneration project at the Royal Docks in east London.

The board of the London Economic Action Partnership (LEAP) has signed off the detailed delivery plan for the 112-hectare Royal Docks Enterprise Zone.

Overall, the five-year scheme is poised to create 4,000 new homes, seven million sq ft of commercial space and generate 35,000 jobs, with more than £5 billion in inward investment expected by 2037/38.

Under the new plans, an integrated package of investment in transport infrastructure, connectivity, economic development, placemaking, creative programming, promotion and estate management have been proposed to help deliver the transformation of the area.

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The Enterprise Zone is part of the larger Royal Docks & Beckton Riverside Opportunity Area, which has the potential to create up to 60,000 jobs and 25,000 new homes.

The Mayor of London, Sadiq Khan, said: "Today marks a major step forward in the development of this site, which has the potential to become not only an important new business destination but also a key part of the capital's cultural life.

"I've vowed to be the most pro-business Mayor that London has ever had. Through these plans to attract businesses and talent into the Royal Docks, we are aiming to unlock this area's potential to support the growth of innovative new businesses across all sectors of our economy.

"The Royal Docks was once an economic powerhouse – with these plans we are aiming to lay the foundations so that it can once again play a crucial role in the life of the capital."

Lead LEAP member for the Royal Docks Enterprise Zone, Colette O'Shea, said: "These exciting proposals will help to deliver the cohesive transformation of the Royal Docks into a thriving, culturally rich destination.

"It is a unique opportunity for the LEAP to invest in affordable workspace, skills and business support, paired with public realm and infrastructure improvements, all in one distinctive location. It demonstrates a great piece of joint working between the Mayor, Newham and the LEAP."

(LM/MH)