A revised masterplan for the Canada Water regeneration project in south-east London has secured approval from the Deputy Mayor of London, clearing the way for the next phase of one of the UK’s largest urban redevelopment schemes.
The approval follows a Section 73 application submitted by British Land, the UK-listed property owner and developer, and AustralianSuper, one of the world’s largest pension investors, in response to regulatory changes, rising costs and viability challenges affecting large-scale development projects.
The updated plans introduce changes to residential building heights and massing, provide greater flexibility across development plots, and allow for alternative living uses. The revisions also alter the delivery of affordable housing, with the project committing to provide 20% affordable housing in the next phase of development and a minimum of 9% across the masterplan as a whole.
The decision enables the joint venture partners to move forward with the next stage of development, which is expected to begin from 2027.
Changes designed to support future delivery
The approved revisions are intended to support the long-term delivery of the 53-acre regeneration scheme, which is being developed in partnership with Southwark Council.
Located around Canada Water and Surrey Quays, the masterplan provides flexibility for up to 4,184 homes, including affordable housing, alongside up to 2.5 million square feet of workspace and approximately one million square feet of retail, leisure and cultural space.
Plans also include a 3.5-acre public park, a town square and 16 new streets designed to improve connectivity across the area.
First phase already delivering homes and workspace
The approval comes after completion of the project’s first phase, which has delivered new workspace through Paper Yard, Dock Shed and Three Deal Porters, alongside 186 homes at The Founding and 79 affordable homes at 7 Roberts Close.
The initial phase has also brought new restaurants, a leisure centre for Southwark Council and public realm improvements, including enhancements around Canada Dock and new pedestrian connections across the site.
Beyond the development itself, the project has contributed funding towards transport upgrades in the area. This includes £13m for improvements at Surrey Quays Station, where step-free access works are scheduled for completion by summer 2026, and a further £2.6m towards upgrades at Canada Water Station.
Backed by long-term institutional capital
Canada Water is being delivered through a partnership between British Land and AustralianSuper, which manages more than £200bn in retirement savings on behalf of over 3.6 million members.
The revised approval provides planning certainty for the next stage of a project that is expected to reshape a significant part of south-east London over the coming years, combining housing, employment space, retail, leisure and public infrastructure within a single masterplanned neighbourhood.
