British Land and AustralianSuper have secured approval from the deputy mayor of London for revisions to their masterplan for the Canada Water site.
The JV partners have secured an increase in the height and massing of the scheme’s residential buildings, the introduction of alternative living uses, increased flexibility across plots and changes to the delivery of affordable housing.
The revised masterplan commits to providing 20% affordable housing in the next phase of development, with a minimum 9% across the 53-acre site.
The masterplan provides flexibility to deliver up to 4,184 new homes, up to 2.5m sq ft of workspace, around 1m sq ft of retail, leisure and cultural uses, alongside a 3.5-acre public park, a town square and 16 new streets.
Gareth Roberts, head of Canada Water at British Land, said: “Approval of our revised masterplan is vital to accelerating momentum, creating a global destination as part of an amazing new neighbourhood that is uniquely Canada Water. The viability challenges we have faced are being felt across London, but with the first phase of development having recently completed, this decision will enable us to bring forward future homes, employment opportunities and investment in local infrastructure.”
Stéphane Jalbert, head of real assets, Europe, at AustralianSuper, added: “We welcome the deputy mayor of London’s approval of the revised Canada Water masterplan. This decision provides clarity for the next phase of the project, unlocking future development opportunities for delivery across the site.”
