Canary Wharf has its sites set on The City
Canary Wharf is reported to be in advanced talks to invest £25m buying a development site at 100 Cheapside from the City of London Corporation. This bold move by the Docklands developer, marks a change in the relationship between London’s rival financial districts.
Situated at the heart of The City, on a corner plot close to St Paul’s Cathedral. The site benefits from planning consent, for a scheme designed by Michael Aukett Architects to accommodate 87,000 sq ft of office space with a further 13,000 sq ft of retail floorspace, as revealed by propertyweek.com.
In the past, Canary Wharf Group plc. has worked alongside a joint venture partner when undertaking development projects outside of Isle of Dogs E14. Canary Wharf has preferred to share the project risk with established City developers, such as Land Securities at 20 Fenchurch Street EC3, where the two property firms are constructing the City skyscraper nicknamed the “Walkie-Talkie” Tower.
Canary Wharf also formed a partnership with Morgan Stanley Real Estate and Exemplar Properties when in in 2008, they undertook a 293,000 sq ft office re-development at Drapers Gardens EC2, before selling the scheme onto Evans Randall for £243m in November 2010.
The move would be a step forward in Canary Wharf Group plc‘s strategy of identifying development opportunities outside of its core Dockland’s territory. Upstream along the River Thames, is the Shell Centre on London’s South Bank SE1, another target being pursued under a JV with the Qatari Diar Real Estate Investment Company.