British Land and AustralianSuper have secured approval from the deputy mayor of London for a revised Canada Water masterplan.
The next phase of development at Canada Water is now set to start in 2027
Plans for the 53-acre development aim to transform the area into a new mixed-use neighbourhood with flexibility to build up to 4,1184 homes, 2.5m sq ft of workspace and 1m sq ft of retail, leisure and cultural uses.
Major amendments were proposed by the joint venture (JV) in early 2025, which included changes to the heights, massing and uses of several buildings.
The JV said these were submitted in response to major regulatory changes and sector-wide cost and viability challenges.
Additional storeys were added across 11 of the buildings, with 13 extra storeys added to one tower – in part to meet second-staircase requirements, which, along with other new fire safety standards, are predicted to add 30% to the cost of construction.
The number of affordable homes planned has also been reduced, with both alternative living uses and greater flexibility across plots introduced.
“These adjustments are necessary to ensure the project remains viable and continues to meet community needs,” the statement said at the time.
The revised masterplan commits to 20% affordable housing within the next phase of the development, but just 9% overall.
Approval will enable the next phase of development to start on site in 2027.
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.”
British Land and AustralianSuper announced a JV in March 2022 to accelerate the delivery of the Canada Water masterplan, with the Australian firm buying 50% of British Land’s stake for £290m.
Stéphane Jalbert, head of real assets, Europe, at AustralianSuper, added: “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.”
The first phase of the Canada Water project saw workspace delivered across three buildings – Paper Yard, Dock Shed and Three Deal Porters – as well as 186 new homes at The Founding and 79 affordable homes at 7 Roberts Close.
The wider masterplan also features a new 3.5-acre public park, a town square and 16 new streets.
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