Plans have been submitted for a £3.5bn ($5.9bn, €4.4bn) development in east London, to include an “innovation quarter” – allowing high-profile firms to showcase and engage with consumers through a range of bespoke education and entertainment space.

Master planned by architectural firm Fletcher Priest, the development also includes 3,000 new homes, as well as a new landmark bridge connecting Silvertown Quays with the new Crossrail station at Custom House. It will also see the restoration of the dockside Millennium Mills building to provide cafes, restaurants, attractions, commercial and community buildings.

The 62-acre derelict Royal Docks site will see 21,000 jobs created and the plans are predicted to area attract 13 million visitors each year, contributing around £260m ($441m, €329m) to London's economy annually.

Developer Silvertown Partnership hopes the plans will be reviewed by Newham Council's planning committee before the end of the year. As of yet, no construction start date has been set, with the project likely to be constructed over a number of years.

"Our vision for Silvertown Quays will create a new piece of our city with entrepreneurship, innovation and knowledge economies at its heart; meeting the needs of modern brands, businesses and people, as well as delivering for the Royal Docks, for Newham and for London,” said Sir Stuart Lipton of The Silvertown Partnership.

"The development represents the next wave of change in the East End and the momentum behind it is building.”

The news follows last week's announcement that a team has been chosen to design and build a unique 'floating village' in another section of the docks.