TP Bennett has announced plans to make changes to a significant Canada Water scheme, switching buildings from commercial use to student accommodation and housing as the Capital’s office market continues to underperform.
The new proposals will change the purpose of two buildings on plot B of the Dockside Canada Water scheme, a 26-storey tower and a nine-storey block, both of which had originally been planned as office buildings.
Art Invest Real Estate (AIRE), the developer of the scheme, is believed to have ordered the change after highlighting a “clear need” for additional student accommodation in the Southwark area.
PBSA has been among the best-performing sectors in London, with planning firm, Turley, saying that the market grew by 12% year-on-year in 2024.
Conversely, the commercial sector has seen a significant downturn over recent months, with Deloitte reporting a 42% drop in the number of office scheme starts on-site since April 2024.
The change in AIRE’s plans follows news that British Land has consulted on major changes to its neighbouring Canada Water scheme. The developer is looking to increase the height of 11 of the buildings in the 3000-home scheme by as much as 13 storeys, including all of the residential buildings which would have their height increased to accommodate second staircases.
Combined, the two schemes will create a new high-rise district in South East London. Work on the British Land development, designed by Allies & Morrison, is underway, with Mace and Wates having been working on-site for several years.
AIRE’s scheme was granted outline consent in January 2023. Plots A1, designed by BIG, and A2, designed by HWKN, which will both remain commercial-led developments were approved in September 2023.
The new proposal for plot B by TP Bennett would see 742 student bedrooms and 326 sq m of community space replace the office space in the tower building, while 75 affordable homes and three retail units would populate the nine-storey block.
AIRE’s development director, Luke Vukotic, said: “It was always our intention to progress our vision for Dockside in phases, with detailed proposals for plot B following plot A.”
“Since securing outline planning for Dockside in 2022, we’ve given significant consideration as to the best use of plot B so that it effectively serves the local community, borough and the emerging new neighbourhood.”
