London’s only Enterprise Zone
The Royal Docks is London’s only Enterprise Zone — one of only 48 in the country. Enterprise Zones are part of the government’s industrial strategy and are designated areas that provide tax breaks and other business incentives. They are engines of the UK’s economy, helping to attract substantial foreign investment into the country.
The Royal Docks Enterprise Zone, which is overseen by the London Economic Action Partnership (LEAP), became operational on 1 April 2013. The zone covers 125 hectares and includes strategically important land owned by the Mayor of London.
In recent years, developers have been secured for the three key sites within the Enterprise Zone, with planning secured for seven million sq ft of commercial space.
35,000 jobs and 4,000 homes are forecast within the zone, and 60,000 jobs and 25,500 homes in the wider area.
Money raised from business rates is reinvested back into the zone, and in June 2018 a £314m investment package was approved to further accelerate the regeneration of the Royal Docks.
Investment of £8bn by 2037/38, including £600m of TfL investment in the DLR network
The area has already enjoyed substantial public and private sector investment since it was established as an Enterprise Zone in 2013, which is likely to reach more than £8bn by 2037/38, including £600m of TfL investment in the DLR network. Yet the area's uniqueness also lies in the opportunity it provides to deliver public benefits and positive growth.
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