Boom time at Canada Water as £3.6 billion regeneration gets underway
- 6th March 2023
- Buying Property News
Canada Water Masterplan brings new homes and facilities to popular area.
Canada Water, already a highly popular area to live and work, is set to get even better with a multi-billion pound facelift which will create a vibrant new town centre and thousands of high-quality homes.
At 53 acres – the size of 65 football pitches – it’s one of the largest mixed-use regeneration projects in London.
The Canada Water Masterplan, from developers British Land, AustralianSuper, and partner Southwark Council, will boost workspace, retail and leisure opportunities and ultimately create around 4,500 new homes.
It’s expected to be a magnet attracting owner-occupiers, renters and investors alike. Three thousand of these homes will be completed over the next few years, with 35% of them affordable - that’s 1,050 new dwellings.
The plan has been drawn up after extensive consultations with the local community who have welcomed the news that there will be more green public spaces. The area is already blessed (as the name suggests) with open water, tree-lined paths and Thames walks, but there will be much more to come – 12 acres of parks and public squares are envisaged. Many new cycling and walking routes will be opened up.
Southwark councillor Helen Dennis, Cabinet Member for sustainable development, said: “We and our development partners are seizing the unique opportunity to transform a historic London docklands location into a distinctive new waterside town centre.”
The new homes – some already under construction – will aim for net-zero carbon emissions, meaning low energy bills for occupiers, and low-emission building materials will be used for all construction.
There are benefits, too, for the now slightly elderly Surrey Quays shopping centre which will be transformed, as will the Canada Water freshwater lake with the creation of new wildlife areas and boardwalks.
The nearby leisure centre will be replaced by a state-of-the-art fitness and activities centre with a new pool.
Catch the buzz
This is a young area with more under-35 residents and commuters than any other regeneration area in the capital, in a buzzing neighbourhood. To cater for them there will be more new spaces for bars, restaurants and cafes, joining an existing and futuristic-looking library and eight-screen cinema.
Also on the plans are 2 million sq. ft. of workspace. The retail, leisure and entertainment offers will be over 1 million sq. ft. In keeping with the spirit of fostering neighbourliness, 16000sq. ft. will be set aside for use by charities and community groups.
And it’s expected there will be a new doctors’ surgery and pharmacy, subject to agreement with the NHS.
The construction work has already offered skilling and training opportunities for over 2,000 local people.
When the Masterplan is completed, developers hope that more than 2,000 new jobs will have been created. There will also be affordable workspaces for entrepreneurs.
Homes with gardens
Canada Water already offers sleek, attractive and energy-efficient homes, many only around 12 years old or less, and extremely attractive to buyers and renters. Most boast glass balconies and terraces with communal landscaped areas.
In the wider Rotherhithe area there are older, more traditional homes with gardens, popular with families alongside stylish warehouse conversions on the Thames.
Transport links are a big draw – Zone 2 with fast connections to Canary Wharf, the City, London Bridge, the West End and the tech hubs of Shoreditch.
If you already own a property in Canada Water and are interested in how the Masterplan regeneration project might impact the value of your home, get in touch with us today. Ludlowthompson have a modern office at the heart of Canada Water, and welcome anyone in the area to pop in for an informal chat. We pride ourselves on our extensive knowledge of the local area, and can assist clients with all their homeowning, renting or investing desires.
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