Canada Water Masterplan Update May 2018

View across Canada Water, SE16 toward the Library

Redevelopment of Canada Water

Located in the London Borough of Southwark, Canada Water is a historic former working dock within the Surrey Quays Peninsula area. The area itself saw a program of regeneration, redevelopment and investment concurrent to expanding the Jubilee Line in 1999.

Whilst this new transport connection intrinsically linked the area to E14 and Canary Wharf, keeping pace with the development plans and rapidly changing skyline of the opposite side of the river wasn't forecast. Areas of Bermondsey, adjacent Rotherhithe SE16, Surrey Quays, Canada Water and Canary Wharf grew phenomenally during the following years. Prices and building development increased accordingly.

Surrounding and adjacent Areas like Deptford SE8 and New Cross received similar benefits as the supply and demand effect took hold. Many properties were sold as buy to let investment opportunities alongside residential purchases for owner-occupiers as the area grew in popularity. In addition, ambitious development plans from British Land and the London Borough of Southwark Council in the form of the Canada Water Masterplan will see a complete transformation of the area.

In a statement issued on the 14th of May 2018, British Land confirmed "that they have submitted an outline planning application for the Canada Water Masterplan to Southwark Council, including a detailed planning application for the project's first three buildings (A1, A2 and K1). The work follows over four years of community engagement on the Masterplan with more than 110 public consultation and local outreach events, with a total recorded attendance of over 10,000 people.

We want to thank everybody who has contributed valuable time and ideas to the discussions. We have also entered into a Master Development Agreement with Southwark Council. Please find more details below and information on the planning application next steps, 'Local Communications Commitment' and other news." Quoting below from the Canada Water Masterplan's website is an exert about the project itself.

"The Canada Water Masterplan is a long-term project. We intend to own and manage the spaces and places created to ensure the Masterplan is integrated. The plan creates a unique opportunity to create a new piece of the city where everyone can find their place. Connecting the local community, enhancing local skills, creating opportunities, growing local businesses and revitalizing Canada Water well beyond our red line boundary."

Canada Water is viewed by many as an alternative area to Canary Wharf. The redevelopment will cover a 46-acre site between two docks, Canada Water Dock and Greenland Dock, including:

• Printworks site
• Roberts Close site
• Surrey Quays Shopping Centre site
• Surrey Quays Leisure Park site
• Dock Manager's Office and 1-14 Dock Offices

With British Land, one of the largest property development and investment companies in the UK and consultants like Allies & Morrison, Townshend and Soundings bringing their knowledge and expertise to the project. As a result, Canada Water will become a new favourite spot for future inhabitants and investors. Modern developments will complement the surrounding Surrey Quays, an area where old meets new.

The project may complete by 2033, and you can read more about progress and updates here. We are excited to see the results of these dramatic changes and have high hopes for the prosperity they will bring to the local community.

Our Rotherhithe & Bermondsey Office in Lower Road has sold and let thousands of properties in Canada Water, Surrey Quays and Rotherhithe and received many awards for service delivery. When you need to sell or let your property in Canada Water, we can be relied upon to provide accurate valuation and marketing advice.

Written by Alex Neil Estate Agents

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