en.Wedoany.com Report, The revised masterplan for the Canada Water development in London, UK, has recently been approved by the Deputy Mayor, paving the way for the next phase of construction. This 53-acre project, jointly advanced by British Land and AustralianSuper in partnership with Southwark Council, will deliver up to 4,184 homes, along with 2.5 million square feet of workspace, 1 million square feet of retail, leisure, and cultural space, a 3.5-acre public park, a new town square, and 16 streets. The revised masterplan is expected to initiate the next phase of construction in 2027.
The revised scheme increases the height and massing of residential buildings to address widespread industry pressures on cost and viability. The provision of affordable housing has also been adjusted accordingly. The next phase plans to deliver 20% affordable housing, with the overall development targeting a minimum of 9% affordable housing across the entire project. Phase One of the development has already delivered workspaces including Paper Yard, Dock Shed, and Three Deal Porters, 186 homes at The Founding, 79 affordable homes at 7 Roberts Close, alongside new restaurants and a leisure centre serving the community. This masterplan represents an adjustment to balance commercial viability with community needs.
Gareth Roberts, Head of Canada Water at British Land, stated that the approval is crucial for maintaining the momentum of the development and creating a new community, and this decision will support the delivery of new homes, jobs, and infrastructure. Stéphane Jalbert, Head of European Real Assets at AustralianSuper, said the approval provides clarity for the next phase and unlocks further development opportunities across the entire site. This masterplan is one of the larger urban regeneration projects in London in recent years, encompassing a mix of residential, commercial, and public space uses.
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