British Land to launch London project Canada Water; studios priced from GBP696,500
Listed UK real estate developer British Land will kick off the first international launch of its master-planned London project in March. Known as Canada Water, the 53-acre (21.4ha) site in London’s Zone 2 will be developed in five phases. The first phase of the project will comprise a 35-storey residential block with 186 apartments, an adjacent six-storey commercial podium with offices and retail, as well as a separate six-storey office building.
The release of the residential tower, called The Founding, marks the first sales launch of the entire master-planned project. Represented by its international sales and marketing agents, JLL and Savills, British Land will hold a launch event in Singapore over the March 11-12 weekend.
The Founding
The Founding will comprise a mix of studios and one- to three-bedroom units. However, only 10 studios of 498 sq ft will be available in the entire project, as well as 16 three-bedroom units of 1,042 to 1,256 sq ft. The remaining units are 82 one-bedders of 546 to 694 sq ft, and 78 two-bedders of 797 to 1,034 sq ft.
The developer is expected to price the studios from GBP696,500 ($1.12 million), one-bedroom units from GBP721,500, two-bedroom units from GBP974,000, and three-bedders from GBP1.9 million. The Founding and other developments and facilities in the first phase are expected to be completed by 4Q2024.
According to Simon Capp, head of residential sales at British Land, the mix of apartments for the first residential launch reflects investor interest and the likely buyer demographics for the first sales phase at Canada Water. “We expect that the demographics of buyers for this phase to include young professionals, some homeowners looking to downsize, as well as buyers who are looking for a cityfringe second residence,” he says.
There has been consistent buying interest from residents of the surrounding neighbourhoods who are keen on the mixed-use lifestyle and locational attributes of Canada Water, says Capp.
He adds that international buying interest has also been encouraging. “Through our ongoing sales outreach, we realise that education is a strong motivator for many prospective international buyers. Now more than ever, we receive enquiries from buyers who have family coming to study in London in the coming years,” he says.
Via the London Underground, universities near Canada Water include the University of Westminster, London School of Economics,
University of Greenwich, London Business School, Royal College of Art and Imperial College.
The Founding and other developments in the first phase are beside Canada Water interchange on the Jubilee line and the East London line.
Flagship residence
British Land hopes that as the first residential sales launch at Canada Water, The Founding will set the benchmark for subsequent residential sales phases and be the flagship residence for Canada Water.
The developer has engaged UK-based ar
chitecture and interior design firm Conran and Partners to curate all the residential interiors. Conran and Partners has envisioned an industrial aesthetic for the apartments, which feature floor-to-ceiling windows of about 2.6m and timber flooring for the living room, dining room and kitchen. Most apartments will also come with living-room balconies.
The kitchens feature Caesarstone finish concrete-style worktops and woodgrain cabinets that integrate a dishwasher, hob, microwave and washer/dryer, as well as a Siemens fridge and freezer. Each apartment also comes with underfloor heating and wholehouse ventilation.
Beyond the home, flexible working and dedicated common areas have been carefully planned and designed. Three separate open-air roof terraces capitalise on the development’s proximity to Central London for views of the city skyline. The terrace on the 29th floor is designed for sunrise views, and another on the 32nd floor is west-facing for sunset views. The third terrace on the sixth floor is beside a residents’ lounge.
Several of the resident spaces in the residential block feature shared social spaces, co-working areas or private rooms to entertain guests. All of this is under the care of a dedicated concierge.
“In the post-Covid environment, there is an evident trend that owner-occupiers and tenants want great multi-functional spaces within their buildings,” says Capp. “There’s also a focus on greenery among buyers, as
well as a variety of work-from-home spaces.”
The residences will be completed together with the six-storey commercial podium, named Three Deal Porters, which will have retail and F&B on the ground floor and 120,000 sq ft of office space on the remaining top floors.
The separate six-storey warehouse building, called The Dock Shed, will have 180,000 sq ft of office space and be completed at the same time.
“These two buildings will house close to 3,000 employees,” says Emma Cariaga, head of residential at British Land. “The Dock Shed is likely to be leased to a single corporate tenant, while Three Deal Porters is more likely to be sub-let to multiple tenants.”
“We want this place to be a confluence of different industries and sectors, and have a mix of residential and commercial uses. So, our vision for this new town centre is one that has broad appeal,” says Cariaga.
GBP3.6 billion master plan
As the largest dockland rejuvenation project in Southeast London, Canada Water has an approximate development cost of GBP3.6 billion stretched over a 10- to 15-year development period.
With the completion of the development, the developer would have added a new commercial high street; 3.8km of pedestrianised streets; 12 acres (4.9ha) of public spaces including a town square; one million sq ft of retail, F&B, and entertainment spaces; two million sq ft of office space; and about 3,000 new homes.
The future high street will feature several low-density, low-rise commercial buildings, and will link Canada Water station to Surrey Quays station. Other improvements include lakeside landscaping, greenery, and a focus on sustainable construction methods and sustainable features built into the new buildings.
“The overall master plan is very mixed-use with a roughly 50:50 residential-to-commercial ratio. This is an unusual planning decision in London, where neighbourhoods are usually dominated by one or the other,” says Cariaga.
Planning restrictions in London have pushed the developer to situate low-density developments amid high-rise buildings around high-footfall areas such as commercial zones and transport nodes. At Canada Water, this height restriction protects the unobstructed views between St Paul’s Cathedral and Greenwich Park.
According to Cariaga, this has forced the developer to focus on the intensity of land use and high footfall areas, and curate the types of commercial activities within the master plan, especially along the high street.
The launch of The Founding presents Singapore buyers with a rare early opportunity to buy into an up-and-coming master-planned project in London before prices increase in subsequent sales phases, says Chua Shir Yee, head of international residential sales at JLL Singapore.
“The project is strategically located close to financial hubs like Canary Wharf and several higher educational institutions. Thus, the catchment of tenants who would be keen to rent is large and sustainable, and interest would be supported by the mixed-use nature of the project,” she says.
Chua adds that the favourable exchange rate between SGD and GBP has translated into more enquiries from Singapore-based buyers keen to pick up affordable residential real estate in London. “Many of our clients approach us to find property for their children studying or working in London, so this is a good opportunity for them to acquire rather than rent,” she says.