Mitsubishi Estate Breaks Ground on £800m Southbank Project, Creating 4,000 Jobs

London’s creative sector received a major boost as Japanese property developer Mitsubishi Estate broke ground on its £800 million development at the former ITV Studio site on the Southbank. The project is set to create 4,000 new jobs in the capital.

The significant investment will transform the site into 600,000 square feet of new commercial and cultural space. A key feature of the development is the inclusion of 40,000 square feet of affordable workspace specifically designed for Lambeth’s burgeoning creative industries, alongside high-end offices, galleries, and studios.

A new cultural hub will also be established, offering discounted rents to qualifying local businesses and start-ups, a move that supports the government’s Plan for Change by fostering local economic growth.

Minister for Investment, Jason Stockwood, was present at the groundbreaking ceremony on Thursday, September 25th, where he met with senior leadership from Mitsubishi Estate. He was joined by the Japanese Ambassador to the UK, Hiroshi Suzuki.

The officials discussed how the investment strengthens the robust trade relationship between the UK and Japan, which is currently valued at around £31 billion. The project is seen as a significant vote of confidence in the UK’s economy and its world-leading creative sector.

Minister for Investment Jason Stockwood said:

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.

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.”