- Former ITV Studio on the Southbank to become thriving
creative industries hub, set to create 4000 new jobs - backing
government's modern Industrial Strategy.
- £800 million investment is the latest vote of confidence
in UK economy and government's Plan for Change.
- Minister for Investment visited the Mitsubishi Estate site in
Lambeth today for groundbreaking event.
4000 new jobs are set to be created in London as Japanese
property development company Mitsubishi Estate broke ground at
its site on Southbank today (25 September) 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, helping to put
more money in people's pockets and backing the government's Plan
for Change.
Minister for Investment visited the site today,
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.
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."
This latest vote of confidence follows publication of the
government's modern Industrial Strategy this summer, with
creative industries identified as a key growth sector.
Here, the government aims to make the UK the world's top
destination for creative innovation by increasing business
investment to £31 billion by 2035, up from £17 billion.
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:
“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.
“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.”
Coinciding with the 75th anniversary of the Southbank
Centre, the investment will strengthen what is already a global
creative export epicentre which attracts over 20 million visitors
per year.
Securing investment is an integral part of the government's Plan
for Change, and the modern Industrial Strategy is helping to
deliver long-term growth across the UK by
driving investment into the economy
and hardwiring stability for investors, giving them the
confidence to plan not just for the next year, but for the next
10 years and beyond.
ENDS
Notes to editors
