The real estate investment company has entered into a master development agreement with Southwark Council, which British Land has been collaborating with for four years over the application.
The planning submission includes a detailed application for the project’s first three buildings, which include workspace, homes and a new leisure centre.
These buildings are part of the first major phase of the development, which covers a total of 1.8 million sq ft of mixed-use space, comprising one million sq ft of office space, 250,000 sq ft of retail and leisure, and 650 homes.
Subject to planning approvals, construction of the first buildings will begin in spring 2019.
The overall master plan is expected to deliver up to 3,000 new homes, two million sq ft of workspace and one million sq ft of retail, leisure, entertainment and community space.
Roger Madelin, head of Canada Water development at British Land, said that submission of its planning application marked an important step for the project.
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“Drawing on our experience of creating vibrant, mixed-use places across the capital, this major urban centre at Canada Water will provide an exciting place to live, work and visit, delivering high-quality design, active spaces and significant economic and social benefits for the local community.
“We have worked closely with Southwark Council and the local community of Canada Water to achieve this important first step and will continue to work with them to deliver a low-carbon, energy efficient neighbourhood.”
Cllr Peter John, leader of Southwark Council, said that it was fantastic to see the project moving forward and praised British Land for the work it had done with the local community.
“…The resulting master plan will deliver what local people want to see, including a guaranteed 35% affordable housing split 70% social rent and 30% shared ownership in the first phase, new retail spaces and job opportunities, education and health facilities and a brand-new leisure centre.
“In addition, British Land, in conjunction with the council, has committed to a social regeneration charter which will ensure that the lives of existing local residents will be improved by the project, which we believe to be a first for a project such as this.
“People will be able to see the proposals and make further comments through the planning procedure, so there is still time to get involved and help create the future of Canada Water.”
A decision on the planning application is expected by the end of the year.