British Land and The Daily Mail General Trust (DMGT) today announce the conditional sale of DMGT's part leasehold part freehold interest in the 14.57 acre Harmsworth Quays printing works site at Canada Water in South East London to British Land. The transaction is due to go unconditional in July 2012.
British Land has a long-term interest and investment in the area both from its joint venture with the London Borough of Southwark at Canada Water and its joint venture at Surrey Quays shopping center. Canada Water is a major regeneration zone in Southwark.
In January, British Land announced plans for a £34 million (approx. 42.5 million) investment at Surrey Quays shopping center including an extensive refurbishment of the existing centre and a 100,000 ft² extension along with improvements to the public spaces and connections to Surrey Quays and Canada Water tube and bus stations.
British Land will take possession of the site in late 2013 following the relocation of DMGT's printing operations from Harmsworth Quays to Thurrock.
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 DMGT 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."
Source: British Land