New £2.5billion UK riverside town with 5,000 homes and a brand-new train station is revealed under plans

PLANS for the first phase of a £2.5billion transformation of a UK riverside town have been unveiled. The ambitious scheme hopes to include at least 5,000 new homes and a railway station, based directly opposite a renowned concert venue. The first phase of a major renovation of the Royal Docks in London has been unveiled Credit: Arada A thousand homes will kick-off the beginning of the project, which is expected to cost over £2billion Credit: Arada Dubai-based property firm Arada has revealed the first phase of its multi-billion pound regeneration scheme in east London. The scheme will see £2.5billion invested into the ‘Thameside West’ project, occupying the once-neglected Royal Docks area and facing directly opposite The O2 concert venue in Greenwich. Sign up for The Sun newsletter Thank you! Arada has confirmed that the first stage of the project will see 1,500 homes built across six buildings, as well as a significantly sized public park. Throughout the scheme, developers hope to introduce at least 5,000 new homes to the 47 acres of land, with over a third set to be affordable. Last year, Arada bought an 80 per cent stake in Thameside West, paying £225million, and pledging to invest £100million more. The Royal Docks is considered to be London’s longest stretch of undeveloped riverfront, historically being the world’s largest enclosed dock system. The transformation of the space is billed to be the biggest regeneration project in the capital, with over £5billion set to be invested in the next 20 years. Arada have also confirmed that they are working with Transport for London as part of the scheme, hoping to introduce a new Docklands Light Railway station in time for the first residents moving in. Most read in The Sun The new station, expected to be called Thames Wharf, would be based halfway between the Canning Town and West Silvertown stations, seeing developers contribute £9million in the process. Deputy mayor for housing and residential development, Tom Copley, said: “I am delighted that Arada is moving ahead with the first stage of redeveloping Thameside West – one of the key sites within the Royal Docks. “Working together we will be able to deliver at least 5,000 new homes, 35 per cent of which will be affordable as we continue to return this part of the capital to its former glory and create a better, fairer, greener London for everyone.” Group CEO of Arada, Ahmed Alkhoshalbl, further said: “We remain committed to working with our partners to ensure that this first phase and future phases are designed to meet modern living requirements over this multi-year project.” Comment now