18 December 2020 | 07:31am
StockMarketWire.com - commercial property developer British Land said it had completed the drawdown of the 500-year headlease with Southwark Council. The headlease would combine the ownership of British Land s assets at Canada Water into a single 500-year headlease, with Southwark Council as the lessor.
British Land s new 500-year headlease would allow comprehensive redevelopment and investment in the site with Southwark Council owning an initial 20% interest and with the ability to participate in the development, up to a maximum of 20% with returns and ownership pro-rated accordingly, the company said.
This significant milestone was the culmination of a five-year process in partnership with Southwark Council, which saw planning for the Canada Water Masterplan granted in May 2020, it added.
Regular
commercial property developer British Land said it had completed the drawdown of the 500-year headlease with Southwark Council.
The headlease would combine the ownership of British Land s assets at Canada Water into a single 500-year headlease, with Southwark Council as the lessor.
British Land s new 500-year headlease would allow comprehensive redevelopment and investment in the site with Southwark Council owning an initial 20% interest and with the ability to participate in the development, up to a maximum of 20% with returns and ownership pro-rated accordingly, the company said.
This significant milestone was the culmination of a five-year process in partnership with Southwark Council, which saw planning for the Canada Water Masterplan granted in May 2020, it added.