Southwark Council has given its approval for the Daily Mail General Trust (DMGT) to assign its leasehold interest in the site to British Land.
The decision is a key milestone for the development which has the potential to deliver significant improvements to the local area.
British Land will now begin working up proposals in consultation with Southwark Council and the local community to realise the full potential of this important site. Vacant possession of the site will be available later this year following the relocation of DMGT’s printing operations to Thurrock.
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Southwark Council, which is currently developing policy to guide the redevelopment, will be adopting a preferred option of its Area Action Plan in May for consultation. This will emphasise the council's and community’s vision to create a mixed-use town centre at Canada Water.
British Land has a long term interest and investment in the area, both from its joint venture with the council at Canada Water, a major regeneration zone in Southwark, and through its ownership of Surrey Quays Shopping Centre. At Surrey Quays British Land is planning a £38 million investment, including an extensive refurbishment of the existing centre and a 100,000 sq ft extension, along with improvements to the public spaces and connections to Surrey Quays and Canada Water tube and bus stations.
Both Southwark Council and British Land have committed to exploring the potential to create a new campus for Kings College as part of the scheme, to complement their proposals for the adjoining site at the Mulberry Business Park.
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