The developer is a major landowner in the area through its joint venture with the London Borough of Southwark at Canada Water and its joint venture at Surrey Quays Shopping Centre.
British Land will take possession of the site in late 2013 following the relocation of the Daily Mail’s printing operations to a new £50m plant in Thurrock, Essex.
British Land announced plans earlier this year for a £34m investment at Surrey Quays shopping centre.
Work will include an extensive refurbishment of the existing centre and a 100,000 sq ft extension along with improvements to the public spaces and connections to Surrey Quays and Canada Water tube and bus stations.
Mike Rayner, Development Director, British Land, said: “The purchase of this large site adjoining our existing ownerships re-enforces our confidence in the area and demonstrates our continued commitment to the wider Canada Water regeneration and Rotherhithe.
“We look forward to working together with the London Borough of Southwark and the local community to realise the full potential of this site.”
David Dutton the Director with executive responsibility for the Daily Mail General Trust property said: “Canada Water has been a really good location for our printing works, it has been changes in technology that have led to the relocation out of the area and I am sure British Land will deliver a really first class scheme on the site which will benefit the local community.”