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Canary Wharf spreads east with new towers and 3,000 homes planned Canary Wharf spreads east with new towers and 3,000 homes planned
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More than 3,000 homes are to be built at the eastern edge of Canary Wharf after Tower Hamlets council gave the green light for the project, the first extension to the financial district since the banking crisis struck in 2008.More than 3,000 homes are to be built at the eastern edge of Canary Wharf after Tower Hamlets council gave the green light for the project, the first extension to the financial district since the banking crisis struck in 2008.
Canary Wharf Group, which is majority-owned by Songbird Estates, has been granted planning permission to build 30 new buildings, comprising 4.9m sq ft of homes, offices and shops, at Wood Wharf, east of the existing Canary Wharf estate. Its centrepiece is a cylindrical residential skyscraper on the most south westerly corner of the site, designed by Herzog & de Meuron, the Swiss architects behind Tate Modern (including its extension which is being built at the moment) and the "Bird's Nest" Olympic stadium in Beijing. About a quarter of homes will be earmarked for affordable housing, built around 9 acres (3.6 hectares) of parks and public squares, including hundreds of metres of dockside paths. Canary Wharf Group, which is majority-owned by Songbird Estates, has been granted planning permission to construct 30 buildings, comprising 4.9m sq ft of homes, offices and shops, at Wood Wharf, just a stone's throw from the headquarters of some of the world's largest banks.
Developers have been rushing to build more luxury homes in London to exploit booming property prices, with Canary Wharf Group just starting construction of its first residential building in the financial district, the 58-storey Newfoundland tower (nicknamed the Diamond tower) with 566 apartments, which is due to be completed in 2018. Its centrepiece is a cylindrical residential skyscraper facing the waters of South Dock, designed by Herzog & de Meuron, the Swiss architects behind Tate Modern (including its extension which is being built at the moment) and the "Bird's Nest" Olympic stadium in Beijing. About a quarter of homes will be earmarked for affordable housing, built around 9 acres (3.6 hectares) of parks and public squares, including hundreds of metres of dockside paths.
More than 100,000 workers commute daily to Canary Wharf, which opened in the early 1990s. Sir George Iacobescu, chief executive of Canary Wharf Group, reckons the eastern extension will almost double the number of people working and living in the area within the next ten years. Developers have been rushing to build more luxury homes in London to exploit booming property prices, with Canary Wharf Group just starting construction of its first residential building in the finance district, the 58-storey Newfoundland tower (nicknamed the Diamond tower) with 566 apartments, which is due to be completed in 2018.
Work on the Wood Wharf site is expected to start this autumn with the first buildings occupied at the end of 2018, to coincide with the arrival of Crossrail, which will run east-west across London. More than 100,000 workers commute daily to Canary Wharf, which opened in the early 1990s. Sir George Iacobescu, chief executive of Canary Wharf Group, believes the eastern extension will almost double the number of people working and living in the area within the next ten years.
Homes at Wood Wharf will range from park-side townhouses to a selection of towers. The new area will also include offices targeted at the creative media, technology and telecoms sector, with a 420-place primary school, an NHS medical centre, a hotel and more than 100 shops, restaurants and cafes. Work on the Wood Wharf site is expected to start this autumn with the first buildings occupied at the end of 2018, to coincide with the arrival of Crossrail, the £15bn railway running east-west across London.
The project, the biggest in the developer's pipeline, is expected to create more than 17,000 jobs during its construction, ranging from architects and planners to electricians, with 3,500 earmarked for local residents. Canary Wharf Group paid £90m to buy outright control of the Wood Wharf site two years ago from its joint venture partners Waterways and Ballymore. Homes at Wood Wharf will range from park-side townhouses to a number of towers. The new area will also include offices targeted at technology start-ups and creative media, as well as a 420-place primary school, an NHS medical centre, a hotel and more than 100 shops, restaurants and cafes.
Canary Wharf is home to the global headquarters of Barclays and HSBC, and the London headquarters of US investment banks JPMorgan Chase and Morgan Stanley. It will lose the Financial Conduct Authority, which is moving to Stratford by 2018. The project, the biggest in the developer's pipeline, is expected to create more than 17,000 jobs during its construction, ranging from architects and planners to electricians, with 3,500 earmarked for local residents. Canary Wharf Group paid £90m to take full control of the Wood Wharf site two years ago from its joint venture partners Waterways and Ballymore.
Canary Wharf Group – whose parent Songbird is part-owned by Qatar Holding, the investment arm of the Gulf state – is also revamping London's South Bank around the Shell Centre tower in partnership with Qatari Diar, the state's property investment company. Canary Wharf is home to the global headquarters of Barclays and HSBC, and the London headquarters of JPMorgan Chase, Morgan Stanley, Credit Suisse and Citigroup. However, the Financial Conduct Authority is moving further east, to Stratford, by 2018.
In its first foray outside the Docklands, Canary Wharf Group – whose parent Songbird is part-owned by Qatar Holding, the investment arm of the Gulf state – is also revamping London's South Bank, around the Shell Centre tower, in partnership with Qatari Diar, the state's property investment company.