British Land, the company responsible for the Canada Water masterplan in Rotherhithe, has announced it expects to submit a masterplan for the site in the second half of 2016.
The Canada Water masterplan will see Southwark Council and British Land (BL) work together to create a major centre at the site, which was designated as an opportunity area by the mayor of London in 2014. It is expected to be delivered in 2017.
The masterplan is for an area of 18.6 hectares, located between Lower Street, Redriff Road and Quebec Way. The site includes the SE16 Print Works, Surrey Quays Shopping Centre and Surrey Quays Leisure Park. The development area is around 5.5 million sq ft, property news service CoStar reported.
According to a head of terms document, approved in November, BL will surrender its current leasehold on the site and transfer its freehold to the council. A 500-year long lease will then be signed with BL with the possibility of sub-leases for individual plots.
The council aims to achieve 35 per cent affordable homes at the site. It is also exploring the creation of a "London Living Wage Zone", so that everybody working there in the future is paid at least an agreed minimum amount.
The agreement also looks to bring educational use into the site with a "high quality" establishment. King’s College is one of the names put forward.
Councillor Mark Williams, cabinet member for regeneration and new homes, said this development was an enormous opportunity for Southwark. He added: “It is important to recognise that this will be a truly mixed-use scheme with significant jobs generated, both during construction and for the completed scheme.”
He also pledged that a new leisure centre would replace “the sub-standard facility” at Seven Island.
The project team will be led by Roger Madelin, who previously worked on the regeneration of King's Cross. He will join BL in 2016.
BL has held focus sessions with the local community on key elements of the masterplan over the past year.
The company also aims to link the cooking and catering training offered to 16 – 24 year olds by local group Bermondsey Community Kitchen.
The next round of consultation on the masterplan will take place in 2016, when the contracts between the council and BL are to be signed, with dates to be announced in the new year.
"We've already surpassed one degree of global warming," said Kristen Buida, manager of the London Climate Change Partnership.