Mitsubishi Estate announces £800 million London Southbank mixed use development

Mitsubishi Estate has announced plans to invest £800 million in the redevelopment of the former ITV Studios site on London’s South Bank, a project that is expected to create 4,000 jobs and provide significant new space for the capital’s creative industries. The Japanese developer will deliver a 600,000 sq ft mixed-use scheme, to be called Vista, which will combine offices, studios, galleries and exhibition areas. As part of the development, 40,000 sq ft has been allocated as affordable workspace for creative businesses, a measure intended to support start-ups and smaller firms in the sector.

The UK government has welcomed the project as a major vote of confidence in the country’s creative economy. Investment Minister Lord Johnson described the scheme as evidence of the UK’s continued ability to attract large-scale international investment, while highlighting the creative industries as a priority sector for growth. The government has set a target of £31 billion in creative industry investment by 2035.

Mitsubishi Estate has said that the development will be designed to high environmental standards, incorporating renewable energy and sustainable construction methods. The company describes Vista as a workplace and cultural hub intended to reflect the creative heritage of the South Bank while providing modern facilities for new generations of organisations.

The announcement was attended by the Japanese Ambassador to the UK, Hiroshi Suzuki, who emphasised the importance of the investment to the wider UK-Japan relationship. Japan is the UK’s 14th largest trading partner, and the government has promoted closer collaboration between the two countries in recent years.

The redevelopment of the ITV Studios site continues a trend of large-scale regeneration projects along the Thames, with a particular focus on creative and cultural industries. While the scale of the investment is significant, questions remain over the long-term affordability of workspace for smaller creative firms in central London. The inclusion of subsidised space is intended to address these concerns, but its impact will depend on how it is allocated and managed.

Vista is expected to play a central role in supporting employment and growth in the creative sector, while adding to the changing profile of the South Bank as one of London’s most prominent cultural and business districts.