British Land’s masterplan to redevelop 21 ha in Canada Water has been approved by Southwark Council.
The scheme worth around £4bn will see a “new town centre” built, according to British Land.
It will take around 15 years to deliver the whole masterplan, which will deliver around 2m sq ft of office space, 1m sq ft of retail, leisure, entertainment and community spaces, and around 3,000 new homes.
Alongside approval for the outline masterplan, approval of detailed plans for the first three new buildings in the area have also been granted.
Across the three buildings, British Land will deliver 265 new homes, around 330,000 sq ft of office space, a leisure centre and a small amount of retail space.
With council approval granted the scheme will now be called in and reviewed by the mayor of London. Section 106 requirements also need to be agreed.
Construction News understands the mayor’s decision is expected before the end of the year and that construction could start in mid-to-late 2020.
CN revealed last year that Balfour Beatty, Bam Construct, Laing O’Rourke, Mace and Wates had all spoken to British Land about working on the scheme.
British Land said it had worked with Southwark Council and the local community for the past five years to develop the masterplan.
Last year CN toured the site with the man who has led project’s development.
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