Canary Wharf Wins Approval for London Wood Wharf Project

Photographer: Chris Ratcliffe/Bloomberg

Residential apartments stand near the offices of global financial institutions, including JPMorgan Chase & Co., Citigroup Inc., State Street Corp., Barclays Plc HSBC Holdings Plc, and the commercial office block No. 1 Canada Square, in the Canary Wharf business, financial and shopping district of London, U.K. Close

Residential apartments stand near the offices of global financial institutions,... Read More

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Photographer: Chris Ratcliffe/Bloomberg

Residential apartments stand near the offices of global financial institutions, including JPMorgan Chase & Co., Citigroup Inc., State Street Corp., Barclays Plc HSBC Holdings Plc, and the commercial office block No. 1 Canada Square, in the Canary Wharf business, financial and shopping district of London, U.K.

Canary Wharf Group Plc won local-government approval to build as many as 3,610 homes and office space adjacent to London’s Canary Wharf business district.

The council for the Tower Hamlets borough voted in favor of the Wood Wharf project at a meeting yesterday. The development includes shops, a hotel and 350,000 square meters (3.8 million square feet) of office space, according to a filing by the council. At 4.9 million square feet, the project is the biggest in the company’s development pipeline and will include at least 1,700 homes.

Canary Wharf Group, controlled by Songbird Estates Plc (SBD), revised the Wood Wharf plan, reducing the size of individual office buildings so they would appeal to a broader range of tenants, the parent company said on March 28. Canary Wharf in August won approval to build a London tower as high as 190 meters (620 feet) that it redesigned after the financial crisis to exclude the large trading floors typically used by banks.

“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,” George Iacobescu, chairman and chief executive officer of Canary Wharf Group, said in a statement. The company will seek technology, media and telecommunications companies as tenants, he said.

Canary Wharf Group agreed to pay 90.4 million pounds ($155 million) to buy outright control of the Wood Wharf site in 2012 by acquiring stakes from Waterways and Ballymore Properties Ltd. The company has completed about 16 million square feet of office and retail space in the business district that bears its name, according to its website.

To contact the reporter on this story: Patrick Gower in London at pgower@bloomberg.net

To contact the editors responsible for this story: Andrew Blackman at ablackman@bloomberg.net Ross Larsen, Jeffrey St.Onge

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