Mr. John Mark Taylorasked the Secretary of State for the Environment whether he will make a statement on the progress of the London Docklands development corporation in developing London's docklands.
§ Mr. TrippierSince its creation in 1981 the London Docklands development corporation has achieved notable success in securing the regeneration of its 2,065 hectare area. In the six years to 31 March 1987, the corporation reclaimed 370 hectares of land for new purposes and carried out extensive infrastructure works throughout its area. In the same period private sector development commitments of over £2.2 billion were secured, giving a gearing ratio of private investment to public capital investment of 9:1.
About 660 companies, many of them new enterprises, have moved into docklands premises. About 10 million sq ft of non-residential floor space is being developed or is already completed; an estimated 10,000 jobs had been attracted to the area by 1986; and about 12,000 new homes had been completed or were under construction. In addition, the more recent commitments to build the Canary wharf scheme represent a major new success for the corporation.
The LDDC has part funded the docklands light railway which opened earlier this year and which is being extended westwards to Bank. It is now funding a major extension of the railway eastwards into the Royal docks area, using the increase in the value of their disposable land as the source of finance. Major road schemes have been constructed and further ones are planned.
The growing momentum of development continues. This is being complemented by initiatives which aim to improve community facilities or help local residents take advantage of the new opportunities available to them. For example the Corporation is funding the provision of community centres and is sponsoring training initiatives to help the unemployed.