Tower Hamlets decision to give the go-ahead for the expansion of Canary Wharf is welcome news for London’s residential and commercial property sectors.
The mixed-use Wood Wharf scheme will add an additional 4.9 million sq ft to London’s development pipeline and will see the construction of 30 new buildings, in which a total of 1.9 million sq ft of office space is included.
Although these offices will be designed to cater for businesses in a diverse range of industries, Canary Wharf Group has confirmed that it will be targeting tenants in the telecommunications, technology and creative media sector.
During the construction process the group believes that the new development will allow for the creation of 17,000 new jobs, with 3,500 of these new positions earmarked for local residents.
Chairman and Chief Executive Officer Sir George Iacobescu, says; “We are very pleased to have worked in collaboration with Tower Hamlets and the local community in helping to achieve this important planning permission.
“This major eastern development of Canary Wharf will reinforce the district as one of London’s most vibrant and dynamic mixed use commercial and residential districts.
“We expect to be on site in the fourth quarter of 2014, with the first buildings to be occupied as early as the end of 2018.”
The completion date forecast by Sir George coincides with the launch of Crossrail, the £15 billion infrastructure project connecting east and west London by rail.
With more than 100,000 workers already commuting to Canary Wharf daily, and the Wood Wharf project expected to add exponentially to this figure, Crossrail will no doubt prove invaluable to residents in the coming years.
Along with the residential and office space, Wood Wharf will allow for the creation of a number of public areas distributed around the ground floor retail space included in most of the tower plans.
According to Sir George, facilities are being created for more than 100 new shops, restaurants and cafés, as well as a new community centre and a hotel.
Upon announcing its decision, Tower Hamlets Council expressed a belief that the development will prove invaluable to the growth of the area as a prime business district.
A spokesman said; “The development will be well supported by a proposed new primary school, health facility and an idea store, along with 25 per cent on site affordable housing.
“This development will contribute to the continued growth of the north Docklands area as one of the most exciting and vibrant places to live and work in London.”
