Marvin OnumonuMitsubishi Estate has started work on a new creative hub at the old ITV Studio on London’s South Bank after committing an £800m investment.
The project is set to deliver 4,000 jobs and provide 600,000 square feet of new commercial and cultural space, including 40,000 square feet of affordable workspace aimed at Lambeth’s creative sector.
The site, called Vista, will include offices, venues, studios, galleries and presentation spaces, with discounted rents available for qualifying local tenants.
Minister for Investment Jason Stockwood visited the site yesterday, 25th September, joining senior Mitsubishi Estate leaders and the Japanese ambassador to the UK, Hiroshi Suzuki.
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.”
Mitsubishi Estate aims for the site to reach the highest ratings in environmental certificates and use renewable energy sources.
The UK Government recently identified the creative sector as a key growth area in its industrial strategy, targeting an increase in business investment to £31bn by 2035, up from £17bn.
Masanori Iwase, senior executive officer at Mitsubishi Estate, said: “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.”
Iwase 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.”
