The firm has entered into a Master Development Agreement with Southwark Council and submitted an outline planning application for the Canada Water Masterplan.

The planning submission also includes a detailed planning application for the project’s first three buildings, which include workspace, homes and a new leisure centre.

The three buildings are part of a major first phase of the development covering a total of 1.8msq ft of mixed use space, comprising one million sq ft of workspace, 250,000 sq ft of retail and leisure space and 650 homes.

Subject to planning approvals, construction of the first buildings will begin in spring 2019.

The wider Masterplan is expected to deliver up to 3,000 new homes, two million sq ft of workspace and one million sq ft of retail, leisure, entertainment and community space including proposed health and social infrastructure, and educational uses for all ages.

Roger Madelin, Head of Canada Water Development, British Land, said: “Submission of our planning application for the Canada Water Masterplan marks an important milestone in the delivery of this project.

“Drawing on our experience of creating vibrant, mixed-use places across the capital, this major urban centre at Canada Water will provide an exciting place to live, work and visit, delivering high quality design, active spaces and significant economic and social benefits for the local community.

“We have worked closely with Southwark Council and the local community of Canada Water to achieve this important first step, and will continue to work with them to deliver a low carbon, energy efficient neighbourhood.

“We will put health and wellbeing at the heart of our plans to ensure the buildings and spaces we create encourage and support healthy lives.”

Cllr Peter John, Leader of Southwark Council, said: “It is fantastic to see this project moving forward.

“British Land have done great work to consult and engage with local people and the resulting Masterplan will deliver what local people want to see, including a guaranteed 35% affordable housing split 70% social rent and 30% shared ownership in the first phase, new retail spaces and job opportunities, education and health facilities and a brand new leisure centre.”

The 53 acre site comprises Surrey Quays Shopping and Leisure, the SE16 Printworks, the Dock Offices and the former Rotherhithe Police Station.

The Masterplan envisages a mix of uses and innovative public spaces designed for a range of ages, incomes and life stages.

The buildings, set around water and green public spaces, will together create a vibrant destination where people can live, work and be entertained throughout the day and into the evening.

On completion, the Masterplan will be home to approximately 20,000 jobs with thousands of people working on site during construction, including apprenticeships and training.

A decision on the planning application is expected by the end of the year.