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British Land lodges master plan for mixed-use development in London

British Land Co. PLC is seeking approval for the master plan of its 53-acre Canada Water mixed-use development in London.

The U.K. real estate investment trust is partnering with the Southwark Council under a master development deal for the project, which involves the construction of up to 3,000 new homes, 2 million square feet of office accommodation, and 1 million square feet of retail and leisure spaces, among other facilities.

The company has additionally filed plans for the 1.8 million-square-foot, three-building initial phase. The buildings will feature 1 million square feet of office space, 250,000 square feet of retail and leisure areas, as well as 650 new homes, with work to commence in the spring of 2019, subject to planning approval.

A final decision on the plans is anticipated to be made by 2018-end, according to a release.