A £3 billion plan to transform a 40-acre Silvertown site in the London Borough of Newham into a residential-led mixed-use redevelopment was submitted to the local council, Property Week reported.

Private real estate investor and developer Keystone London partnered with GLA Land & Property Ltd. for the Thameside West project. It will comprise 5,000 homes, 200,000 square feet of industrial space and workspace, along with 75,000 square feet for shops, bars and restaurants, the publication noted.

The first phase of the proposed development will encompass 500,000 square feet with 460 mixed-tenure homes and workspace that will span 35,000 square feet, the Jan. 17 report added.