Developer British Land will deliver up to 3,000 net zero homes as part of its Canada Water scheme, unveiled today.
The scheme will be a net zero neighbourhood by 2030, the developer claimed, through using sustainable materials, heat sharing and an all-electric energy strategy.
Included in the plans are also office space for 20,000 workers, one million sq ft of leisure, cultural and education facilities, as well as 12 acres of new parks and squares.
Emma Cariaga, joint head of Canada Water, British Land, said: “Canada Water will be the perfect place for people that want to live and work in green, healthy spaces with a real sense of community within walking distance of a range of amenities – themes that have become increasingly important since the pandemic.”
Councillor Helen Dennis, cabinet member for climate emergency and sustainable development at Southwark Council, said: “With easy links to central London and all that Southwark offers, Canada Water will have something for everyone. From thousands of new homes, particularly hundreds of much-needed social rent homes, to new shops, offices, open spaces and a brand-new public leisure centre.”
The masterplan will be delivered through a 50:50 joint venture between British Land and AustralianSuper, one of Australia’s biggest pension funds. The JV was announced in March 2022 and has resulted in additional funding to progress the regeneration scheme.
Phase 1 of the masterplan is already under construction and is expected to be complete in quarter 3 of 2024.
British Land secured a £100m loan from Homes England in May last year to unlock the Canada Water scheme.
It added its four main contractors have developed and are implementing a ‘community and skills’ plan, that is supporting local employment, apprenticeships, businesses and social regeneration through their contract period.
The developer said it had spent a decade getting to know the local community and wants local people to benefit from the “opportunities the development will generate”. British Land have said it was the first project in the UK to use cement-free concrete.