Developer British Land has entered into a master development agreement with Southwark Council to develop a new 21-ha urban centre at Canada Water, marking an official commitment to deliver the project.
The local authority and developer are pooling land ownerships for the delivery of around 3,000 new homes, up to 20,000 jobs, significant improvements to the public realm and a new council leisure centre. An outline planning application has been lodged.
There is also an intention to secure the council's future options for benefiting from the proceeds of growth at Canada Water. The agreement covers the area's three main sites - Printworks, Surrey Quays Shopping Centre and the Mast Leisure Centre - but can be expanded to include other sites.
A provisional agreement exists for the former Rotherhithe Police Station and Old Dock Office - and potentially the Canada Water basin - as part of the plan.
The first phase of the scheme will see 35% of homes designated as affordable, of which 70% will be available at social rents and 30% for intermediate renting. The council will have the first option to buy homes for social rent and will let these as council homes, available at council rents on the borough's normal tenancy terms.
Affordable housing proportions in future phases of the project will be subject to viability reviews.
The agreement also sees the council increase its land holdings at Canada Water to include taking over 20% of the Mast Leisure Park from British Land and taking 20% ownership of the whole development.
Southwark Council will have the option, as each development plot comes forward, to either invest in that plot to maintain its ownership, sell its interest, or retain the council's interest in the land, but not invest in the plot concerned.
Residential, Office, Retail, Food and Drink