Chelsfield has been appointed to redevelop the 20ha Silvertown Quays site in east London.

The ￡1.2 billion project is being led by Stuart Lipton’s development firm, working with Imagination Europe and First Base on the site previously earmarked for a Terry Farrell-designed aquarium.

It will include 228,000sq m of commercial and retail space, 126,000sq m of residential homes, as well as new public realm.

Robert Burrown, chief executive at Chelsfield, said: “Chelsfield has for many years valued east London as a growth area. We originated Stratford City, which is now a thriving successful mixed-use centre.

“We believe The Silvertown development will be equally successful as it will create a new London destination for technology, medical and brand companies.”

The selection of the preferred bidder follows a procurement process by the London Development Agency which started last July.