British Land and AustralianSuper’s revised 4,000-home Canada Water masterplan approved
Developer British Land and pension fund AustralianSuper have secured approval for a revised 4,000-home masterplan in Canada Water, east London.
Developer British Land and pension fund AustralianSuper have secured approval for a revised 4,000-home masterplan in Canada Water, east London #UKhousingCity Hall has approved the revised masterplan, which now includes 9% affordable housing, after a report last year found that just 3% of its homes could be delivered as affordable.
British Land and AustralianSuper said they submitted a Section 73 application to revise the scheme in response to major regulatory changes and sector-wide cost and viability challenges.
This has led to an increase in the height and massing of the residential buildings, the introduction of alternative living uses, and changes to the delivery of affordable housing.
Read more
The revised masterplan commits to providing 20% affordable housing in the next phase of development, thanks to a grant from City Hall. This amounts to a minimum of 9% affordable housing overall across the masterplan.
The 53-acre development is being delivered in partnership with Southwark Council. It will have up to 4,184 new homes, including an affordable component, retail, leisure and cultural uses, alongside a 3.5-acre public park, a town square and 16 new streets.
As part of the first phase, work space has been provided at the Paper Yard, Dock Shed and Three Deal Porters, 186 new homes at The Founding and 79 affordable homes at 7 Roberts Close.
Gareth Roberts, head of Canada Water at British Land, said: “Approval of our revised masterplan is vital to accelerating momentum, creating a global destination as part of an amazing new neighbourhood that is uniquely Canada Water.
“The viability challenges we have faced are being felt across London, but with the first phase of development having recently completed, this decision will enable us to bring forward future homes, employment opportunities and investment in local infrastructure.”
Stéphane Jalbert, head of real assets for Europe at AustralianSuper, said: “We welcome the deputy mayor of London’s approval of the revised Canada Water masterplan. This decision provides clarity for the next phase of the project, unlocking future development opportunities for delivery across the site.”
Sir Sadiq Khan, the mayor of London, has confirmed a package of emergency measures to kick-start housebuilding in the capital, including temporary relief for developers from the Community Infrastructure Levy (CIL). Partial relief from CIL will now be offered for eligible housing schemes (excluding student housing and co-living) commencing before 31 March 2030, rather than 2028 as originally proposed.
In another key change, the late-stage review process – where London boroughs can claw back further tax receipts and public benefits from housing schemes if economic conditions change – has been axed, to be replaced by an early-stage review with no further reviews required beyond this.
Developers told Inside Housing Living they welcomed the government’s support, although some have warned they were “too temporary to truly move the needle”.
Sign up to our weekly Living newsletter
Inside Housing Living brings you exclusive analysis and big deals from the wider residential market, including build-to-rent, student living, later living, for-profit registered providers and more.
Already have an account? Click here to manage your newsletters.
Related stories
