Southwark council has approved heads of terms for British Land’s proposed £2bn regeneration of Canada Water, SE16.
Plans are expected to be submitted late next year to transform the 46-acre site, which includes the former Daily Mail General Trust printing works, Surrey Quays shopping centre and Mast leisure centre.
The combined sites have potential for about 5.5m sq ft of mixed-use development, including offices, shops, housing, education and community space.
The council’s cabinet has set out outline conditions of any development, including a target to achieve 35% affordable homes.
The council, which owns the freehold of the Surrey Quays shopping centre and former printworks is asking to increase its rental income from the shopping centre from 5% to 10%.
Cabinet members would like the area to become a “London living wage zone”, where every worker on the site receives at least the London living wage.
British Land has been strategically buying up sites in Canada Water over the past five years, investing £250m.
Purchased assets include the Surrey Quays leisure centre and Harmsworth Quays, as well as the leaseholds at Surrey Quays shopping centre and the former Daily Mail printworks.
Canada Water is expected to benefit from the opening of Crossrail at Canary Wharf in 2018.
