Japanese developer launches landmark project to boost London’s creative industries with new cultural and commercial hub…reports Asian Lite News
London’s South Bank is set for a major transformation after Japanese property giant Mitsubishi Estate broke ground on a landmark £800 million development that promises to create 4,000 jobs and inject fresh momentum into Britain’s creative industries.
The development, named Vista, will deliver more than 600,000 square feet of new commercial and cultural space, including 40,000 square feet of affordable workspace tailored to Lambeth’s emerging creative sector. The scheme will replace the former ITV Studios site with high-end offices, cultural venues, studios, gallery and presentation spaces, alongside a cultural hub offering discounted rents to qualifying tenants.
Government ministers hailed the project as a “vote of confidence” in the UK economy, with Minister for Investment Jason Stockwood attending the groundbreaking ceremony on Wednesday (25 September). He was joined by Japanese Ambassador Hiroshi Suzuki and senior executives from Mitsubishi Estate.
“This investment is a huge vote of confidence in the UK as well as a major boost for our thriving creative industries,” Stockwood said. “We’re determined to make them 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, encouraging businesses to grow and creating opportunities that will put more money in people’s pockets as part of our Plan for Change.”
The project also carries broader diplomatic significance. Japan is currently the UK’s 14th largest trading partner, with bilateral trade worth around £31 billion. The presence of Ambassador Suzuki at the event underscored the close economic ties between the two nations and the continuing confidence of Japanese firms in Britain despite global economic uncertainty.
Mitsubishi Estate has been a long-term player in the capital’s property market, investing in London since 1985. The South Bank scheme marks one of its most ambitious UK ventures yet.
Senior Executive Officer Masanori Iwase said the company was committed to balancing commercial ambition with cultural and environmental responsibility. “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,” he said. “We are proud to work alongside Lambeth Council, the Greater London Authority and the UK Government to realise this shared vision.”
The government has identified the creative industries as a key driver of growth under its modern Industrial Strategy, aiming to boost business investment in the sector to £31 billion by 2035, up from £17 billion today. The South Bank, already home to institutions such as the National Theatre, BFI and Southbank Centre, attracts over 20 million visitors annually and is widely regarded as one of the world’s leading creative export hubs.
By incorporating affordable workspaces and discounted cultural venues into the scheme, Mitsubishi Estate hopes to support local talent and nurture start-ups in the sector. The cultural hub element is designed to foster grassroots creativity, giving smaller businesses access to central London spaces they would otherwise be unable to afford.
Coinciding with the 75th anniversary of the Southbank Centre, the project has been billed as a chance to reinforce the district’s reputation as a global creative powerhouse.
Beyond its cultural ambitions, Vista is being designed with strong environmental credentials. The developers aim to achieve the highest ratings across multiple sustainability certifications. Plans include the use of renewable energy sources, cutting-edge energy efficiency measures and innovative design features that reduce the building’s carbon footprint.
The move dovetails with the UK Government’s ambition to become a clean energy superpower, marrying economic growth with environmental responsibility.
For the government, the South Bank project is emblematic of its wider push to attract global investment as part of the Plan for Change. Ministers argue that securing large-scale, long-term commitments from international firms is critical to ensuring stability and delivering jobs in the years ahead.
“The modern Industrial Strategy is about giving investors the confidence to plan not just for the next year, but for the next 10 years and beyond,” Stockwood said. “This project shows what can be achieved when business and government work together to back British industries and communities.”
With construction now under way, the development is expected to become one of the most high-profile regeneration projects in London, combining commercial success with cultural vitality and sustainable design. For Mitsubishi Estate, it cements a decades-long relationship with the capital. For Lambeth and London, it promises new jobs, fresh investment and a renewed role at the heart of the UK’s creative economy.
