A development partner is being sought for a major, first-of-its-kind industrial regeneration scheme on the Greenwich Peninsula.

The 3.38-acre site at 75 Bugsby’s Way will be transformed into one of London’s first multi-storey industrial buildings, meeting one of the Mayor Sadiq Khan’s key objectives for industrial intensification set out in the London Plan.

The Mayor is keen to attract new business to the area and create employment opportunities for the local community through the initiative. The project will be highly sustainable, serving as a benchmark for future industrial development.

The successful developer will enter an agreement with Greater London Authority Land and Property (GLAP) to design, develop and build the £107 million scheme and will be granted a 250-year leasehold on the site.

This new project forms part of the £8.4bn, 20-year regeneration of the Greenwich Peninsula, including the creation of seven new neighbourhoods, 17,500 new homes and 48 acres of public green space.

Tom Copley, Deputy Mayor for Housing and Residential Development, said: “The Mayor and I are committed to the regeneration of Greenwich, and other areas in London with significant potential for growth.

“The regeneration of 75 Bugsby’s Way into one of London’s first multi-storey industrial buildings will be a landmark moment, transforming the Greenwich Peninsula into a thriving hub for commerce and business. This is an exciting opportunity, and I look forward to securing a partnership which brings to life our vision for a more prosperous city for all Londoners.”