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British Land completes drawdown of 500-year headlease, signs first pre-let at Canada Water
StockMarketWire.com
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commercial property developer British Land said it had completed the drawdown of the 500-year headlease with Southwark Council.
The headlease would 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 would 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, the company said.
This significant milestone was 'the culmination of a five-year process in partnership with Southwark Council, which saw planning for the Canada Water Masterplan granted in May 2020,' it added.
The company also said it had signed its first pre-let with new higher education enterprise, TEDI-London, which had chosen to locate its new campus at Canada Water.
British Land would begin work on the modular campus in January and aimed to complete the development by September 2021.
TEDI-London would take an initial 13,000 sq ft of floorspace, with the option to expand up to 40,000 sq ft, which British Land would deliver in phases as the organisation grows.
Story provided by StockMarketWire.com
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