The £3bn scheme, on the south side of the Thames in Rotherhithe, ranks as the London developer’s most ambitious pipeline development.

Its approved masterplan submission included a detailed application for the first three buildings totalling 576,000 sq ft and outline planning for the 1.8m sq ft first phase with a development value of £700m.

The first three buildings will provide 265 homes, with around 35% affordable.

Building A1 will provide both residential and workspace, building A2 will be focused on workspace and a new leisure centre, and the third known as K1 will be wholly residential.

Chris Grigg, chief executive of British Land, said: “We have an incredible opportunity at Canada Water to create a vibrant neighbourhood for people to live, work and enjoy.

“We’re hugely excited about delivering this exceptional, mixed-use and sustainable landmark development, which has been designed to support people’s wellbeing.

“We thank the Council for all their hard-work and we look forward to continuing to work with them and the local community.”

The 53-acre masterplan site includes Surrey Quays Shopping Centre, Surrey Quays Leisure Park, the Printworks and the former Dock Offices courtyard.

British Land expects the whole masterplan to take around 15 years to deliver.

Canada Water 15-year masterplan

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New public square at the heart of the Canada Water scheme

• 2 million sq. ft. of workspace to accommodate around 20,000 jobs;
• 1 million sq. ft. of retail, leisure, entertainment, education and community space; and
• 3,000 new homes, of which 35% will be affordable.

By 2024

• 265 new homes, a leisure centre, new public spaces, 330,000 sq. ft. workspace and around 2,300 jobs