The London Docklands may not look like a jigsaw, but the final piece of its development plan is set to be put in place later this year. Designated an Enterprise Zone by the government in 1982, the East London area’s subsequent regeneration from a disused industrial area with very few prospects to a buzzing financial centre is typified by the gleaming towers in Canary Wharf.
The owner of Canary Wharf, Songbird Estates, is best known for their record-breaking sale of the HSBC building for £1.1bn in 2007; but now, four years on from that commercial property deal, Songbird has announced the construction plans for 25 Churchill Place, hailing it a ‘symbolic milestone’. The symbolism comes from representing the completion of plans made for the Docklands area that were originally drawn up in 1988.
The 20-storey commercial property will take its place among the existing towers and offer options for low-rise, medium-rise and high-rise buildings up to 560,000 square feet.
Half of the building has already been let, to the European Medicines Agency (EMA), responsible for evaluating medicines developed for use in the European Union. Reports say the EMA will pay Songbird £46.50 per sq ft on a 25-year lease, receiving three years rent-free in exchange for fitting out the commercial property.
The Canary Wharf Group (CWG), responsible for the design, leasing and development of the area, will lead the project. It is scheduled to be open and occupied by 2014. This fits in well with predictions that there will be ‘a shortage in 2013–14’ of commercial property. The Docklands area currently operates at a reported 97 per cent occupancy, spread across 15m sq ft of office and retail space. Not bad by current standards.
CWG is also actively completing commercial property puzzles outside of Docklands, amongst which is the iconic Walkie-Talkie building at 20 Fenchurch Street in the City, which it is developing alongside Land Securities.
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