Over the next few years, Canada Water is set to undergo a huge transformation. A £4 billion project will create London’s first new town centre in 50 years and provide 3,000 new homes.
Dubbed the Canada Water Masterplan, the scheme by British Land was approved by Southwark Council way back in 2020, and will see 40 new buildings and three clusters of high-rise towers built in the area, alongside new shopping streets, offices and green spaces. Plus, 11 buildings will increase in height by by between one and 13 storeys, while the use of many of the buildings will change.
The first phase of the masterplan is set to be completed this year, which includes a spectacular boardwalk (called Rafter Walk, which opened last year), a massive dockside entertainment called Corner Corner (set to open in spring) and council homes – some of which are already built and occupied, and more will be delivered this summer. In April a new leisure centre will open with two pools, a gym, three fitness studios and a sports hall.
Eventually the masterplan will boast 3,000 new homes, green public spaces, up to a million square feet of retail and cultural space and up to two million square feet of work and lab spaces. The project is also investing £33 million in local transport, £13 million of which is going TfL for upgrades at Surrey Quays station.
The next phases, however, are where things get a little more complicated. Since being approved in 2020 the proposals for the Canada Water Masterplan have changed quite a bit, and some locals aren’t happy about it.
More than 1,020 objections have been lodged against a Section 73 planning application that was submitted to Southwark Council on January 29 2025, detailing the proposed changes to the original planning permission. Many objectors aren’t happy that British Land has asked to slash the allocation of affordable housing from 35 percent to just 10 percent, with people calling this decision an act of ‘corporate greed’.
Others complained that the new plans are ‘unrecognisable from the version approved in 2020’, and claim the developers are using loopholes in the planning system to get their altered plans through. There were also complaints about the increased building heights, which locals say will put a strain on public services that are already at ‘breaking point’.
A spokesperson for British Land said: ‘Our S73 application for the Canada Water Masterplan allows us to continue delivery of significant benefits while responding to changes to building regulations including the Building Safety Act, as well as macro-economic factors such as steep construction cost inflation and sharp interest rate rises.
‘Since planning permission was granted in 2020, we are proud of our strong progress at Canada Water and remain deeply committed to continue to invest in bringing tangible benefits to the local community and wider area.’
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