British Land has announced the purchase of its joint venture partner Tesco’s 50 per centholding in the 300,000 sq ft Surrey Quays Shopping Centre for £48 million.

As part of the deal Tesco has taken out a a new long-term lease on its store and the petrol station.

British Land says it intends to progress plans in 2014 (subject to planning) for a £38 million upgrade of the shopping centre which will include a 100,000 sq ft extension, the extensive refurbishment of the existing centre along with improvements to public spaces and connections to Surrey Quays and Canada Water tube and bus stations.

Charles Maudsley, head of retail at British Land said: “We intend to create a modern retail environment to attract the growing, affluent local catchment.  We are aiming to take the scheme beyond its current functional shop by broadening the tenant mix and introducing larger retail units alongside a more attractive food offer.  All this should increase overall spend.”

British Land has also recently bought  the Harmsworth Quays site from Daily Mail & General Trust.

David Dutton of DMGT said: “After many successful years at Harmsworth Quays, DMGT is delighted to be transferring its interests in the site over to British Land.  The redevelopment of our printing plant provides an exciting opportunity for the area and we are confident British Land is ideally placed to deliver what the area needs.” Cllr Fiona Colley, cabinet Member for regeneration at Southwark Council, said:

“Rotherhithe has seen some great improvements over the last few years including the new Canada Water library and better transport links thanks to the new London Overground service. We want to keep the momentum going by ensuring that land is put to really good use.

“In addition to new homes, the redevelopment of Harmsworth Quays has the potential to deliver the town centre and jobs that Rotherhithe really needs. I’m delighted that British Land have also agreed to work with the Council to explore whether we can build a new campus for Kings College London on the site, which is something I know would be welcomed locally.”

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