Canada Water is London’s premier master-planned community that has been over a decade in the making. Due to its size and grand vision, the project is broken into phases. Phase one officially broke ground in October of 2021 and we wrote a blog about it few months ago (The Canada Water Masterplan). Since then, we have seen a flurry of activity in construction. As construction continues, we can see the plan come to life.

Canada Water Vision

The project is ambitiously aimed at rejuvenating an older part of the industrial dock area in Southeast London and bringing a “live, work, play” community feel for residents and businesses. In total, the project spans 53 acres for 3,000 residential units and office space for 20,000 workers.

Plans are currently underway to build the iconic red promenade and a high street of restaurants / cafés, and the first homes. Some will take shape by demolishing or carving out the old buildings. For example, part of the current Canada Water / Surrey Quays shopping center is already a construction site.

A Promenade will be built over the quay – Picture British Land

Amenities

To support the “live, work, play” of the community, there will be bike paths and 10,000 bike spaces throughout the community. Another 1,000 charging stations will be installed, and 1200 trees will be planted. Discussions are even taking place on how to achieve developer Roger Madelin’s vision of a resident-only water sports area. The challenge is to keep the area open to residents without leaving it open to the public.

Canada Water Masterplan – Photo British land

Net Zero Neighbourhood

While that is impressive, perhaps more exciting is the vision of the community being the largest carbon-neutral neighbourhood by 2030. To do so, a spokesperson for British Land said they are using cement-free concrete in new buildings. Thereby cutting embodied carbon by 45%. Further, each of the buildings will operate independent energy systems using air and water heat pumps and recycling energy from offices to homes. This allows the community to disconnect from district energy sources that leak energy during delivery.

Purchase and Investment

Activity is steady with some residential units expected to be available in autumn of this year. It is anticipated that prices will start 20% below the Zone 2 average of £791,141. The developer expects that sales will be strong due to the continued housing shortage and population growth coupled with continued international investment interest in the area.

London’s population is expected to increase by almost one million people between now and 2031. Yet, London isn’t building enough homes. It is expected that the area will fall short of over 178,000 housing units over the next five years. Further, London has always been a popular destination for international investors. Investor interest has remained strong with Asian Pacific buyers. Low supply and high demand equate to strong investment returns.

Learn More About Canada Water

While some plans are set in stone, others are still in discussion. If you want to know the latest about the Canada Water and Rotherhithe area, Alex & Matteo Estate Agents are your local experts!

Please also visit the Canada Water Masterplan website.