The £800 million redevelopment of the former ITV Studio on the South Bank got underway today.
The scheme, called Vista, is being led by Japanese developer Mitsubishi Estate's £800 million investment to create 4,000 jobs.
The new minister for investment Jason Stockwood and Japanese Ambassador to the UK Hiroshi Suzuki attended a ground breaking ceremony at the 72 Upper Ground site due to become a new hub for the creative industries.
The investment will provide 600,000 sq ft of new commercial and cultural spaces, including 40,000 sq ft of affordable workspace including offices, cultural venues, studios, gallery and presentation spaces.
The former ITV Studio site will also feature a cultural hub with discounted rents for qualifying tenants.
Designed by Make Architects and delivered by development manager CO-RE , the scheme comprises a 25-storey office tower connected to two smaller buildings of 14 and 6 storeys.
Stockwood said the UK had an “epoch defining opportunity” to become one of the world’s leading destinations for inward investment into technologies such as AI, robotics and life sciences as well as the creative sectors.
He added: “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."
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.”
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.”
