Developer British Land has entered into a master development agreement (MDA) with Southwark Council to develop a new 21-ha urban centre at Canada Water, marking an official commitment to deliver the project.
British Land also submitted an outline planning application at the same time.
The authority agreed a 500-year lease to the developer for the site; remaining as freeholder, it currently holds a 20% interest in the masterplan site and an option to invest in individual development plots or to sell out its interest. submitting an outline planning application at the same time.
The £4 billion regeneration plans propose 167,225sq m of mixed-use space and an initial 650 homes across a range of prices and tenures; investigative works will start at the end of May 2018, following the council’s validation of the application’s key documents. This will take approximately two weeks to complete, after which a 30-day public consultation on the plans will start.
Roger Madelin, head of Canada Water development at British Land, said: "Drawing on our experience of creating vibrant, mixed-use places across the capital, this major urban centre at Canada Water will provide an exciting place to live, work and visit, delivering high quality design, active spaces and significant economic and social benefits for the local community.
"We have worked closely with Southwark Council and the local community of Canada Water to achieve this important first step, and will continue to work with them to deliver a low carbon, energy efficient neighbourhood. We will put health and wellbeing at the heart of our plans to ensure the buildings and spaces we create encourage and support healthy lives."
Subject to planning approval, construction of the first buildings will begin in spring 2019.
Labour maintained its majority in May's local council elections, holding 49 of the 63 seats on the council.