British Land submits plan for £4b water master plan

British Land has entered into a master development agreement with Southwark Council for a £4 billion ($7.1 billion) redevelopment of 21.5 hectares in south-east London.

The Canada Water master plan will create a new urban center for London.

The submission includes a detailed planning application for the project’s first three buildings, which include workspace, homes and a new leisure center. Subject to planning approvals, construction of the first buildings could begin in spring 2019.

The master plan is expected to deliver up to 3,000 new homes, 2 million square feet of workspace and 1 million square feet of retail, leisure, entertainment and community space, including proposed health and social infrastructure, and educational uses for all ages.

British Land has aligned with the local council to guarantee 35 percent of homes across the site would be affordable.

A decision on the planning application is expected by the end of the year.