UK REIT British Land has won approval from the Southwark Council for its acquisition of media conglomerate Daily Mail General Trust's leasehold interest in the 59,000-m2 Harmsworth Quays site.
UK REIT British Land has won approval from the Southwark Council for its acquisition of media conglomerate Daily Mail General Trust's leasehold interest in the 59,000-m2 Harmsworth Quays site.
The approval is the first step towards the redevelopment of the printing works site in Canada Water, South East London.
'We can now begin the process of working with the local community, the London Borough of Southwark and other key stakeholders to bring forward a new, mixed use development in the heart of Canada Water,' said Nigel Webb, head of Development for British Land.
In a statement, British Land said it will take possession of the vacant site later this year following the relocation of DMGT’s printing operations to Thurrock.
British Land has a long-term interest and investment in the area, both from its joint venture with the council at Canada Water, a major regeneration zone in Southwark, and through its ownership of Surrey Quays shopping centre.
The company is raising its exposure to South-East London, where it just took over Tesco's 50% share in the Surrey Quays shopping centre. The UK REIT is planning a £38 mln (€45 mln) investment on the site, including a refurbishment of the existing scheme and a 100,000 sq ft (9,290 m2) extension.
