British Land Co PLC said Tuesday its outline plan for Canada Water in south east London has received planning permission from the Southwark Council Planning Committee.
Shares in the FTSE 100 property developer were up 0.1% at 585.40 pence on Tuesday.
The Canada Water Masterplan is a 53-acre, mixed-use scheme which is expected to deliver 2.0 million square feet of workspace, 1.0 million square feet of retail, leisure, entertainment & community space, and 3,000 new homes, of which 35% are to be affordable.
The site includes Surrey Quays shopping centre, Surrey Quays leisure park, the Printworks events venue and former Dock Offices courtyard. The development is expected to take 15 years to deliver.
The planning permission also covers the delivery of the first three new buildings for the site. Building A1 will provide residential and workspace, building A2 will focus on workspace and a new leisure centre, while the third building will be purely residential.
“We have an incredible opportunity at Canada Water to create a vibrant neighbourhood for people to live, work and enjoy. We’re hugely excited about delivering this exceptional, mixed-use and sustainable landmark development, which has been designed to support people’s wellbeing,” said Chief Executive Chris Grigg.
“We thank the council for all their hard-work and we look forward to continuing to work with them and the local community,” Grigg added.