Canary Wharf Group was granted planning permission for their Wood Wharf project yesterday. They presented their final plans to the London Borough of Tower Hamlets Strategic Development Committee yesterday. The property development group won the rights to develop the area situated on the eastern side of Canary Wharf last year.
Plans for the area include 2.5 million square feet of Docklands office space. It also features residential, retail and green spaces. Sir George Iacobescu, CEO of Canary Wharf Group, said that he hopes to attract emerging industries to the area. It is part of an effort to diversify the area known for the high concentration of financial institutions based there. Iacobescu has previously stated that he would like to lure start-up tech companies to the area. He hopes to emulate the success of Shoreditch’s Silicon Roundabout.
The project has been in the pipeline for over a decade. The plans were recently redrawn to better reflect the the modern commercial property market. In recent years it has seen demand rise for smaller, more flexible office space.
Previous plans included only 1.5 million square feet of office space, along with 1 668 homes. More recent plans have seen office space being increased by nearly 1 million square feet. The amount homes to be built has almost been doubled to a total 3000. Plans also include a new primary school and an NHS medical centre. Building is expected to start later this year, with the first phase completed in 2018.
Together, the two properties provide a total of 62,800 sq ft of prime office space.
CEO John Burns said yesterday that the company was taking advantage of the strong investment market. The company will be reinvesting the capital from these sales into far-reaching development programme.