Mitsubishi Estate invests £800m in boost for UK’s creative industries

The £800 million investment will provide 600,000 sq ft of new commercial and cultural spaces, including 40,000 sq ft of affordable workspace tailored to Lambeth’s "emerging creative sector", with high-end offices, cultural venues, studios, galleries and presentation spaces. 

The site, named Vista, will also feature a cultural hub that will provide discounted rents for qualifying tenants, encouraging local businesses to set up and grow there. 

The announcement builds on an investment relationship the UK shares with Japan, with trade now worth about £31 billion. 

Jason Stockwood, the minister for investment, 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."

Masanori Iwase, senior executive officer of Mitsubishi Estate, said: “Breaking ground at 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.

He added: “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.”