British Land Regulatory News (BLND)

Southwark Council approves plans for Canada Water

01 October 2019

The creation of a new town centre at Canada Water in London passed a key milestone last night as Southwark Council Planning Committee resolved to grant planning permission for British Land's masterplan, in line with their officer's recommendation.

The Canada Water Masterplan is a 53-acre, mixed-use scheme that will deliver:

- around two million sq. ft. of workspace to accommodate around 20,000 jobs;

- around one million sq. ft. of retail, leisure, entertainment, education and community space; and

- around 3,000 new homes, of which 35% will be affordable.

With wellbeing embedded into the masterplan, and buildings to support low carbon living, the project will also create 12 acres of new open space, including a 3.5-acre park, a new Town Square, the first new high street in London for 100 years and 16 new streets.

Chris Grigg, Chief Executive of British Land, said: "We have an incredible opportunity at Canada Water to create a vibrant neighbourhood for people to live, work and enjoy. We're hugely excited about delivering this exceptional, mixed-use and sustainable landmark development, which has been designed to support people's wellbeing. We thank the Council for all their hard-work and we look forward to continuing to work with them and the local community."

The resolution to grant planning permission follows five years of extensive consultation and engagement with the local community and a partnership with Southwark Council, who entered into a conditional Master Development Agreement with British Land last year.

Cllr Peter John, Leader of Southwark Council, said: "We are delighted that this major step towards our vision for Canada Water has been approved. The Masterplan provides the blueprint for an exciting new town centre that will provide thousands of new homes, particularly hundreds of new social rent homes, new jobs and opportunities, new open spaces and a brand new leisure centre for Rotherhithe in the first phase of the work. We look forward to working with British Land over the next few years to bring forward the plans and making sure our local residents are the beneficiaries of the opportunities the regeneration will provide, as laid out in the Canada Water Social Regeneration Charter."

The development will bring significant benefits to the local economy and the community, including new homes, generating jobs, supporting local businesses and independent retailers. Space has also been allocated for the delivery of a health facility and a new police hub.

As well as the outline masterplan, the planning permission also covers the delivery of the first three new buildings in the overall masterplan. These buildings include 265 new homes, a leisure centre, new public spaces, 330,000 sq. ft. workspace and around 2,300 jobs which could be delivered by 2024. Building A1 will provide both residential and workspace. Building A2 will be focused on workspace and a new leisure centre, with both buildings providing a small amount of retail at ground floor. K1, the third building will be wholly residential.

The 53-acre masterplan site includes Surrey Quays Shopping Centre, Surrey Quays Leisure Park, the Printworks and the former Dock Offices courtyard.

We expect the whole masterplan to take around 15 years to deliver.

Enquiries:

Investors

David Walker 020 7467 4466

Media

Claire Scicluna, British Land 020 7467 2823

Gordon Simpson, Finsbury 020 7251 3801

About British Land

British Land plc owns a portfolio of office-led London campuses and retail destinations, located around the UK. These include Broadgate, London; Meadowhall, Sheffield and Canada Water, London.

Our approach towards creating high-quality places for our customers and the community involves bringing together our skills in placemaking, sustainability and technology and responding towards the changing way people use our space. Our places serve local communities, provide opportunities for skills development and employment and promote wellbeing. 2019 was our third year holding the Queen's Award for Enterprise, the UK's highest business accolade, recognising our economic, social and environmental achievements across our portfolio.

Our strategy is to build an increasingly mixed use business, which will comprise of three core elements - our London campuses, a smaller, more focussed Retail portfolio and residential. By creating vibrant mixed use neighbourhoods we can drive enduring demand for our space, support rental growth and create long-term value for all our stakeholders.

Our portfolio is valued at £16.2bn (British Land share: £12.3bn) as at 31 March 2019 making us one of Europe's largest real estate investment companies.

Further details can be found on the British Land website at www.britishland.com or follow us @BritishLandPLC