British Land Halts Canada Water Project Amid Viability Crisis in London
What happened
British Land is not proceeding with the second phase of its Canada Water development in London. The decision was made because of soaring costs and lacklustre sales, indicating that the viability of residential development in the UK capital has reached a critical point. Work has concluded on the first phase of homes and offices at the project.
From businesstimes.com.sg
Why it matters
The halt of this major regeneration project highlights a collapse in viability for London real estate. Canada Water was estimated by British Land to have a gross development value of £5.6 billion (US$7.5 billion) in 2022.
From businesstimes.com.sg
Who's involved
- AustralianSuperJointly funding the Canada Water project
- British LandDeveloper of the Canada Water project
- LondonLocation of the Canada Water development
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- British LandSpeculative
British Land could see its revenue and development pipeline impacted by the project halt.
- AustralianSuperSpeculative
AustralianSuper might see its investment exposure affected by the project's viability crisis.
Keep exploring
The entities involved
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AustralianSuper
Australian superannuation and pension fund
Nothing else this week.
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British Land
company
Nothing else this week.
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London
capital and largest city of England and the United Kingdom