The developer behind the mammoth Canada Water masterplan has secured a £100 million loan from Homes England, the government’s housing delivery agency.  

The loan, which aims to speed up the residential part of the development, comes as British Land posted a loss of more than £1 billion for the second year running.  

It follows, among other factors, a shift to online shopping and the impact of the pandemic on office space. 

Plans for its £3.3 billion new ‘town centre’ were formally approved in May 2020.  

They include about 3,000 new homes, 35 per cent of which will be ‘affordable’, a 3.5-acre park, a new town square, leisure centre, and higher education campus.  

The masterplan, set to take 15 years to deliver, covers a 53-acre site including Surrey Quays Shopping Centre, Surrey Quays Leisure Park, the Printworks and the former Dock Offices courtyard. 

It will also include the first new high street to be created in London in a century.  

Some construction is already underway – the real estate company got planning permission in November of last year to carry out refurbishment works to the former Dock Offices. 

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In December it got the green light to begin work on a temporary campus for a new higher education provider for engineering.  

The funding will be made available via a loan from the Government’s £4.5 billion Home Building Fund. 

Homes England says the money will allow British Land to speed up the residential element of its scheme. 

Gordon More, interim chief executive of Homes England, said: “Accelerating the delivery of one of the country’s most ambitious and transformative projects by three years is a huge achievement at any time, but to be doing it now, just when the country needs growth and new economic opportunities feels incredibly important. 

“We’re determined to use our resources to galvanise projects across the country and play our part in the country’s economic recovery.” 

Roger Madelin, joint head of Canada Water, British Land, said: “We are pleased to be working with Homes England at Canada Water.  

“Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together.  

“Their support enables us to progress more quickly and is a testament to the quality of space we will deliver.”