British Land, one of the UK’s largest property developers, has today unveiled a £3.6bn plan to build a 53-acre town centre in Canada Water alongside Aussie pensions giant AustralianSuper.
The regeneration project will include up to 3,000 new homes, as well as more office space – which expected to host 20,000 workers amid London’s post-pandemic office kick.
“A truly unique place, Canada Water is central, but has a local, leafy feel. It is the sort of place where you’ll know your neighbours and feel part of a real community, where businesses can grow and where people will put down roots,” said British Land’s Emma Cariaga, who oversees Canada Water at the London-listed developer.
British Land, which sold off £694m worth of assets in Paddington Central just one month ago, will be reinvesting the proceeds into the new development, as well as other projects in the pipeline, such as 2 Finsbury Avenue at Broadgate, Euston Tower at Regents Place and 5 Kingdom Street at Paddington Central.
The mixed-use development will also feature pubs, restaurants and shops, in a boost for London’s retail and hospitality sector.
“The idea of the 15-minute city has been much publicised as a response to Covid-19,” explained Peter Murray, the chairman of New London Architecture. “Canada Water is a perfect example of that concept with all the amenities that people want and need within easy walking and cycling distance but with speedy links into the centre when required.”