On Friday 5th May British Land revealed their revised masterplan for the Canada Water development in Southwark. The plans required some changes following feedback from residents and other important stakeholders. The 46 acre project is huge and the plan must be right before it secures planning permission.
The latest version of the masterplan looks to preserve green areas. Residents reported how important they were during a public consultation in 2016. As a result the location of a new leisure centre has had to be changed. Several alternative sites have been put forward in place of Plot 6, the area formerly chosen for it.
If the current masterplan gains permission it would create a new town centre in the area. This would offer 2 million square feet of office and workspace, 1 million square feet of retail, leisure, and community space, and up to 3,500 new homes.
As part of the work several listed buildings will be preserved. These will sit perfectly alongside new developments including “landmark” towers up to 50 storeys tall and modern lower lying properties.
The 3,500 new homes would be great for the area, helping to meet current demand levels. Of these properties British Land has proposed that 35% be designated as affordable homes.
It is estimated that the new plans will be submitted to Southwark Council for consideration before the end of 2017. If all goes well and permission is granted the work could begin in 2019. The project would proceed in stages over the next 15 to 20 years.
At Finefair we provide useful block management in Southwark, supporting landlords who own several properties. The service allows us to offer fantastic value and excellent standards. Whether it is homes on the same street, apartments in the same building, on properties on an estate, we can manage them all effectively. No portfolio is too large for us.
If you would like to find out more about investing in properties in Southwark or our block management service please get in touch with our team.