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RNS Number : 0754J
British Land Co PLC
18 December 2020
British Land completes drawdown of 500-year headlease and signs
first pre-let at Canada Water
18(th) December 2020
-- Following confirmation in May that planning has been secured
at Canada Water, British Land has completed the drawdown of the
500-year headlease with Southwark Council
-- In addition, British Land has signed its first pre-let with
new higher education enterprise, TEDI-London, which has chosen to
locate its new campus at Canada Water
Draw down of headlease
British Land is pleased to announce that it has completed the
drawdown of the 500-year headlease with Southwark Council. This
significant milestone is the culmination of a five-year process in
partnership with Southwark Council, which saw planning for the
Canada Water Masterplan granted in May 2020.
Emma Cariaga, Joint Head of Canada Water, said : "We're hugely
excited to have reached this milestone. The drawdown of the
headlease follows five years of extensive consultation and
engagement with the local community and a partnership with
Southwark Council. We look forward to continuing to work with them
and the local community."
The headlease will combine the ownership of British Land's
assets at Canada Water into a single 500-year headlease, with
Southwark Council as the Lessor. British Land's new 500-year
headlease will allow comprehensive redevelopment and investment in
the site with Southwark Council owning an initial 20% interest and
with the ability to participate in the development, up to a maximum
of 20% with returns and ownership pro-rated accordingly.
TEDI-London
In addition, British Land confirms that TEDI-London, a new
engineering higher education enterprise, has chosen Canada Water as
the location for its new campus. Co-founded by three global
universities: King's College London, Arizona State University and
UNSW Sydney, TEDI-London has been set up with the aim of
transforming engineering education.
British Land will begin work on the modular campus in January
2021. TEDI-London will take an initial 13,000 sq ft of floorspace,
with the option to expand up to 40,000 sq ft, which British Land
will deliver in phases as the organisation grows. The campus will
be ready in time for TEDI-London to welcome its first full-time
cohort of students in September 2021 at Canada Water. In the long
term, British Land will work with TEDI-London to deliver a
permanent home for around 1,000 students within the Canada Water
masterplan.
Professor Judy Raper, TEDI-London Dean and CEO, said: "We're
delighted to be setting up home in one of London's most exciting
and upcoming areas. British Land's vision for Canada Water is a
fantastic opportunity for TEDI-London and our staff and students to
be part of a progressive, green, sustainable new urban space. Our
students will be able to work on projects connected to, and for the
benefit of, their local community, something which was a highly
attractive proposition for us when choosing the location for our
campus. British Land, as our founding industry partner, have
supported TEDI-London from the very early stages and we are
delighted to reach this important milestone for both
organisations."
Cllr Johnson Situ, cabinet member for climate emergency,
planning and transport at Southwark Council, said : "It has been
our aspiration for many years to attract a higher education
institution to the heart of Canada Water as set out in our vision
agreed back in 2014. We're delighted that British Land with
TEDI-London have delivered on that commitment with a
ground-breaking offer in hi-tech engineering with some of the
leading academic institutions in the world. We hope some of our
young residents who would not normally consider a career in this
field will be encouraged into training and we will work with
TEDI-London to ensure as many Southwark residents as possible
benefit from this facility in their borough."
Roger Madelin, Joint Head of Canada Water , said: "We have an
incredible opportunity at Canada Water to build a genuinely
vibrant, mixed use neighbourhood for London, and education will be
a key part of this. TEDI-London is a truly innovative and unique
education programme that will partner with business to deliver
graduates with the skills to solve 21(st) Century challenges. The
impact of engineering is all around us, and TEDI-London is exactly
the kind of organisation we're looking to attract to Canada
Water."
ENDS
Media enquiries Lizzie King 07808 912 784
Investors & Analysts David Walker 07753 928 382
Notes to Editors
About TEDI-London
TEDI-London is a new design engineering higher education
provider founded by Arizona State University, King's College London
and UNSW Sydney.
TEDI-London's vision is to transform engineering education to
transform lives - both for the students that study with us and for
the societies benefited by the solutions they design and make.
What engineers need to make - and how they need to make them -
has changed. The great challenges of the 21st Century will be
addressed by socially aware engineers - critical thinkers and
creative problem solvers, working in global teams.
TEDI-London will teach engineering differently. Student will
work on real-life projects from day one. These projects will be
real-life industry challenges and will be co-designed and delivered
with employers.
www.tedi-london.ac.uk
About the Canada Water Masterplan
The Canada Water Masterplan is a partnership between British
Land and Southwark Council to create a new town centre for
London.
The Masterplan is a 53 acre, mixed use scheme that will deliver
around two million sq ft of workspace to accommodate approximately
20,000 jobs, around one million sq ft of retail, leisure,
entertainment, education and community space, and around 3,000 new
homes, of which 35% will be affordable.
With wellbeing embedded into the masterplan, and buildings to
support low carbon living, the project will also create 12 acres of
new open space, including a 3.5-acre park, a new Town Square, the
first new high street in London for 100 years and 16 new
streets.
In September 2019, Southwark Council Planning Committee resolved
to grant planning permission for the Canada Water Masterplan, in
line with their officer's recommendation.
About British Land
Our portfolio of high quality UK commercial property is focused
on London Offices and Retail around the UK. We own or manage a
portfolio valued at GBP13.7bn (British Land share: GBP10.3bn) as at
30 September 2020 making us one of Europe's largest listed real
estate investment companies.
Our strategy is to provide places which meet the needs of our
customers and respond to changing lifestyles - Places People
Prefer. We do this by creating great environments both inside and
outside our buildings and use our scale and placemaking skills to
enhance and enliven them. This expands their appeal to a broader
range of occupiers, creating enduring demand and driving
sustainable, long term performance.
Our Offices portfolio comprises three office-led campuses in
central London as well as high quality standalone buildings and
accounts for 65% of our portfolio. Our Retail portfolio is focused
on retail parks and shopping centres, and accounts for 31% of our
portfolio. Increasingly our focus is on providing a mix of uses and
this is most evident at Canada Water, our 53 acre redevelopment
opportunity where we have plans to create a new neighbourhood for
London.
Sustainability is embedded throughout our business. Our places,
which are designed to meet high sustainability standards, become
part of local communities, provide opportunities for skills
development and employment and promote wellbeing. In April 2016
British Land received the Queen's Award for Enterprise: Sustainable
Development, the UK's highest accolade for business success for
economic, social and environmental achievements over a period of
five years.
Further details can be found on the British Land website at
www.britishland.com .
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END
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