A revised version of the Canada Water masterplan in London has been approved by the Deputy Mayor, paving the way for the next stage of development.

The updated plans, brought forward by British Land and AustralianSuper, include taller and larger residential buildings. The changes reflect wider regulatory shifts as well as ongoing cost and viability pressures across the sector.

Affordable housing provision has also been adjusted, with 20 per cent planned for the next phase and a minimum of 9 per cent across the overall development.

The approval means construction on the next phase could begin from 2027.

Delivered in partnership with Southwark Council, the 53-acre scheme will deliver up to 4,184 homes, alongside 2.5 million sq ft of workspace and 1 million sq ft dedicated to retail, leisure and cultural uses. The plans also include a 3.5-acre public park, a new town square and 16 streets.

The first phase of the development has already delivered a range of new spaces, including workspace at Paper Yard, Dock Shed and Three Deal Porters, 186 homes at The Founding and 79 affordable homes at 7 Roberts Close. It has also introduced new restaurants and a leisure centre for the local community.

Gareth Roberts, Head of Canada Water at British Land, said the approval is key to maintaining momentum and creating a distinctive new neighbourhood. He noted that while viability challenges are being felt across London, the decision will support the delivery of new homes, jobs and infrastructure.

Stéphane Jalbert, Head of Real Assets, Europe at AustralianSuper, welcomed the decision, adding that it provides clarity for the next phase and unlocks further development opportunities across the site.

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