Southwark Council planning committee has given the Canada Water Masterplan the go-ahead, which will see the creation of 3,000 new homes
The Canada Water Masterplan is a 53 acre, the mixed-use scheme that will deliver around 2 million sq. ft. of workspace, along with 1 million sq. ft. of retail, leisure, entertainment, education and community space.
Of the 3,000 new homes, it is expected that 35% will be affordable with 70% of these as social rent. Southwark Council will have the first option to purchase all social rent homes and let them as council homes, at council rent, on council tenancies.
In addition, British Land is providing in excess of £33m over the next 15 years towards a range of transport projects to increase capacity and frequency, make journeys quicker, and provide a greater range of choices to those living or working in Canada Water and the wider Rotherhithe and Surrey Docks area.
Emma Cariaga, joint head of Canada Water at British Land, said: “Delivering this Masterplan in an area with as rich a history and heritage as Canada Water, Rotherhithe and Surrey Docks is an immense responsibility and one we have taken very seriously and carefully.
“This is only the first step in the approval process and we are committed to continuing to engage and work with the local community to deliver the project, and ensure that the Masterplan benefits those living, working and studying in the area for years to come.”
Councillor Peter John, leader of Southwark Council, added: “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 resolution to grant planning consent is the first step in the approval process for the Canada Water Masterplan and comes after five years of extensive consultation and input from the local community.
The Canada Water Masterplan is expected to take around 15 years to deliver, with the first phase expected to be completed by 2024.
This first phase will generate significant construction employment, and also be home to around 2,300 office, retail and estate management jobs.