4,000 new jobs are set to be created in London as Japanese property development company Mitsubishi Estate broke ground at its site on Southbank in a major boost for the UK’s creative industries sector.
The £800 million investment will provide 600,000 square feet of new commercial and cultural spaces, including 40,000 square feet of affordable workspace that is tailored to Lambeth’s emerging creative sector with new high-end offices, cultural venues, studios, gallery and presentation spaces.
The former ITV Studio site will also feature a cultural hub that will provide discounted rents for qualifying tenants, encouraging local businesses to start and grow.
Minister for Investment Jason Stockwood visited the site, where he met the senior leadership of Mitsubishi Estate before taking part in the groundbreaking of the site in Lambeth.
With Japan being the UK’s 14th largest trading partner, the Minister for Investment was also joined by Japanese Ambassador to the UK Hiroshi Suzuki, where they discussed how today’s announcement builds on the strong investment relationship the UK shares with Japan, with trade now worth around £31 billion.
“This huge new investment is a huge vote of confidence in the UK as well as a major boost for our thriving creative industries, which we’re determined to make the best in the world as part of our modern Industrial Strategy and decade of national renewal,” said Stockwood.
“Mitsubishi Estate’s investment will empower the creative community in Lambeth and encourage businesses to grow, creating jobs and opportunities that will ultimately put more money in people’s pockets as part of our Plan for Change.”
It follows publication of the government’s modern Industrial Strategy this summer, with creative industries identified as a key growth sector.
The site, named ‘Vista’, plans to have the highest rating in multiple environmental certificates by adopting state-of-the-art features and using renewable energy, supporting the UK’s aim to become a clean energy superpower.
Senior executive officer of Mitsubishi Estate Masanori Iwase said: “Vista marks the beginning of a new chapter for London’s South Bank — one that honours the site’s cultural legacy while delivering a modern, sustainable and inclusive workplace.
“We understand and respect the responsibilities that come with being a major investor in London, and it makes us very proud to demonstrate what can be achieved when working with local government and communities to achieve a shared vision. We are grateful for the support of Lambeth Council, the Greater London Authority and UK Government.
“Mitsubishi Estate has been investing in London since 1985, and today’s milestone reflects our long-term confidence in the city and in the enduring partnership between Japan and the UK.”
Nscale raises $1.1bn in biggest-ever European Series B round