British Land announced that, following confirmation in May that planning has been secured at Canada Water, it has completed the drawdown of the 500-year headlease with Southwark Council.
“We’re hugely excited to have reached this milestone. The drawdown of the headlease follows five years of extensive consultation and engagement with the local community and a partnership with Southwark Council. We look forward to continuing to work with them and the local community,” said Emma Cariaga, Joint Head of Canada Water.
The headlease will combine the ownership of British Land’s assets at Canada Water into a single 500-year headlease, with Southwark Council as the Lessor.
British Land’s new 500-year headlease will allow comprehensive redevelopment and investment in the site with Southwark Council owning an initial 20% interest and with the ability to participate in the development, up to a maximum of 20% with returns and ownership pro-rated accordingly.,
READ ALSO : British Land sells mixed-use property in London for £177m
In addition, British Land has signed its first pre-let with new engineering higher education enterprise, TEDI-London, which has chosen to locate its new campus at Canada Water.
British Land will begin work on the modular campus in January 2021. TEDI-London will take an initial 13,000 sq ft of floorspace, with the option to expand up to 40,000 sq ft, which British Land will deliver in phases as the organisation grows.
The campus will be ready in time for TEDI-London to welcome its first full-time cohort of students in September 2021 at Canada Water.
In the long term, British Land will work with TEDI-London to deliver a permanent home for around 1,000 students within the Canada Water masterplan.