If you live in, invest in, or have your eye on SE16, you’ll have heard a growing buzz about the Canada Water Masterplan—and, in particular, The Founding, the landmark first residential building arriving at the heart of the scheme.
This regeneration represents one of London’s most ambitious projects, set to transform Canada Water into a vibrant new town centre with homes, workspaces, culture and green spaces. For many, it’s an exciting opportunity: improved amenities, better connectivity and the promise of long-term uplift. But it’s also important to note that developments of this scale can bring challenges. With entry prices for The Founding starting at around £695,000, affordability is a major concern for first-time buyers, and there’s increasing debate about whether long-term local residents may find themselves priced out.
In this guide (and video you can access below), we explain what’s being built, how it’s progressing, and what it all means for homeowners, landlords and renters around Canada Water, Rotherhithe and Surrey Quays.
The Canada Water Masterplan is a 53-acre, long-term regeneration led by British Land in a 50:50 joint venture with AustralianSuper, working in partnership with Southwark Council. The plan will create a new town centre for London, delivering thousands of new homes, large volumes of modern workspace, and an array of leisure, retail, cultural and community facilities alongside improved public spaces and a revitalised Canada Dock.
Outline planning permission was granted in 2019, with the project envisioned as a c.15-year programme delivered in phases. Early phases include new homes, a leisure centre, public realm and workspace, with the wider plan aiming to support thousands of jobs and a stronger local economy.
The Founding is the first flagship residential building (Plot A1) at Canada Water. Rising to 35 storeys and delivering 186 apartments, it forms part of a mixed-use building that also includes Three Deal Porters—flexible workspace—and retail at street level.
Positioned in the heart of the new town centre and moments from Canada Water station, The Founding puts residents on Jubilee line and Overground services, offering quick links into Canary Wharf, the City, Shoreditch and the West End.
Apartments at The Founding are being marketed as contemporary, open-plan homes with industrial-influenced detailing and floor-to-ceiling windows. Sources indicate guide prices starting from £695,000, with larger homes priced considerably higher.
While this positions The Founding as a premium choice for buyers and landlords seeking new-build quality and regeneration-linked growth, it also raises questions about inclusivity. For many first-time buyers, such pricing is simply out of reach, and local residents may find their options in SE16 narrowing as regeneration drives values upward.
British Land announced in March 2024 that Plot A1—comprising The Founding (residential) and Three Deal Porters (workspace)—had reached full height. Sales updates through 2024 indicated completions starting in winter, with marketing now emphasising move-ins “this year.”
Beyond A1, new leisure and retail offers are arriving, with the development team highlighting a multi-year programme to deliver workplaces, culture, education and further homes.
For first-time buyers, affordability remains the key challenge—many may need to explore alternative parts of SE16 for more accessible options.
Rotherhithe and Surrey Quays include 1980s/90s estates, warehouse-influenced new builds and dockside conversions. The Founding sits at the premium end of this spectrum, with specification and location advantages. Yet this premium comes at a cost: while it enhances investment value, it also underscores the affordability gap within the local market.
We specialise in SE16—Canada Water, Surrey Quays, Rotherhithe and Deptford borders—and combine deep local insight with hands-on sales and lettings experience. Whether you’re weighing up a purchase at The Founding, exploring other phases, or considering the best timing to sell or let, we’ll give you honest, data-led guidance.
If you’re considering buying, selling or letting around Canada Water get in touch with Alex & Matteo Estate Agents. We’ll help you navigate the masterplan’s opportunities while staying mindful of the affordability challenges, ensuring you make a confident, well-timed decision in one of London’s most dynamic neighbourhood transformations.
