Mitsubishi Estate’s £800m South Bank scheme to deliver 4,000 jobs

Japanese developer Mitsubishi Estate has broken ground on an £800m transformation of the former ITV Studios on London’s South Bank, with the ‘Vista’ scheme set to deliver 600,000 sq ft of commercial and cultural space, 4,000 jobs and a major new hub for the capital’s creative industries

Japanese developer Mitsubishi Estate has begun work on an £800m project to transform the former ITV Studios on London’s South Bank into a mixed-use creative industries hub.

The ‘Vista’ development will reportedly deliver 600,000 sq ft of commercial and cultural space, including 40,000 sq ft of affordable workspace aimed at Lambeth’s creative sector.

Plans include high-end offices, studios, galleries and presentation venues alongside a cultural hub offering discounted rents to qualifying tenants.

The scheme, which is expected to generate 4,000 jobs, was marked on Thursday by a ceremony attended by Jason Stockwood, Minister for Investment, and Hiroshi Suzuki, Japan’s ambassador to the UK.

The project comes as the UK government identifies creative industries as a priority growth sector in its recently launched Industrial Strategy.

“This huge new investment is a 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,” Stockwood said. “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.”

The scheme will target the highest ratings in multiple environmental certification systems, with renewable energy and other sustainable features forming part of the design.

Designed by Make Architects, the 2.5 acre development will “benefit the whole community through affordable workspace that is tailored to the needs of Lambeth’s emerging creative industries, as well as cultural venues, new cafes and restaurants and open, green spaces”, according to developers, CO-RE.

Masanori Iwase, senior executive officer at Mitsubishi Estate, 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.”

Mitsubishi Estate has been active in the London property market since 1985. The South Bank project coincides with the 75th anniversary of the Southbank Centre, which draws more than 20m visitors annually.

According to the Department for Business and Trade, the investment builds on UK–Japan trade ties now valued at around £31bn.

READ MORE: ‘Golden opportunity: Europe needs to reclaim its lead in the global talent race‘. Stefan Kraus, Chief Operating O!cer at Henley & Partners, calls on European policymakers to rethink and reinvigorate the continent’s golden visa programmes — turning them into strategic engines for attracting vital private capital and talent

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_{Main image, courtesy CO-RE}