LONDON (dpa-AFX) - British Land Company plc (BRLAF.PK, BTLCY.PK, BLND.L) announced Tuesday that the Southwark Council Planning Committee resolved to grant planning permission for British Land's masterplan for creating a new town centre at Canada Water in London.
The planning permission was granted in line with the Council officer's recommendation, the company said.
The Canada Water Masterplan is a 53-acre, mixed-use scheme that is expected to deliver around two million sq. ft. of workspace to accommodate around 20,000 jobs; around one million sq. ft. of retail, leisure, entertainment, education and community space; and around 3,000 new homes, of which 35% will be affordable.
The project will also create 12 acres of new open space, including a 3.5-acre park, a new Town Square, the first new high street in London for 100 years and 16 new streets.
The company noted that the resolution to grant planning permission follows five years of extensive consultation and engagement with the local community and a partnership with Southwark Council, who entered into a conditional Master Development Agreement with British Land last year.
The company expects the whole masterplan to take around 15 years to deliver.
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