Canary Wharf Group is this week showcasing its extensive portfolio at the annual MIPIM property show in the South of France. The Group’s diverse development pipeline currently includes commercial, retail, lifestyle, tech and residential properties.
The Group is due to embark on 5.1 million sq ft of new developments this spring, spanning a number of different projects. These include the One and Ten Bank Street office schemes, the mixed use phase of Canary Wharf (previously known as Wood Wharf), which involves the Newfoundland Tower, and the redevelopment of the Shell Centre on London’s South Bank.
Sir George Iacobescu, CEO and Chairman of Canary Wharf Group said: “Canary Wharf Group is entering an exciting new era as a diversified developer.
“Having regenerated Canary Wharf Estate into one of the world’s leading business districts, the path ahead will take us into residential markets, create major new London retail and leisure hubs, embrace smart city technologies as we continue to innovate, and provide space for office tenants from a broadening range of sectors.
“We are not just a developer; we are in the business of creating sustainable London communities with our unique integrated offering”.
As Businesses increasingly demand flexibility, Canary Wharf Group is creating the ‘offices of the future’ to meet these requirements. One Park Place on West India Avenue and One and Ten Bank Street near the Jubilee station at Canary Wharf will allow businesses to choose the interiors and facades to meet their requirements.
One Bank Street was granted planning approval in February for a 700,000 sq ft office building. Designed by Kohn Pederson Fox, this 28-storey facility will include high-quality office space, ground level retail space, a free standing retail kiosk as well as basement cycle and car parking.
Interest has already been shown in this development with Société Générale, one of Europe’s most important banking institutions, pre-letting 280,000 sq ft – from the ground floor to the seventh floor – on a 25 year lease.
With construction already commenced on this phase, The Newfoundland tower will be the first residential development within the Canary Wharf estate. There will also be 1.9 million sq ft of commercial space and 300,000 sq ft of retail and community space.
This scheme has been surrounded by controversy since the Secretary of State’s decision to give the go ahead for the redevelopment. This resulted in a legal challenge which was recently dismissed by the High Court, paving the way for Canary Wharf Group to begin work on the transformation of the Shell Centre, with partner Qatari Diar, later this year creating thousands of jobs and hundreds of homes.
This new 1.47 million sq ft mixed use development will add eight new buildings totalling 1.4 million sq ft to the existing Shell Centre Tower comprising office, retail and residential space along with 500,000 sq ft of new office space in two new buildings.
This will become Europe’s largest accelerator space for financial, retail, cyber security and future city technologies spanning three floors with a total of 80,000 sq ft of space. Excitingly, 160 tech start-ups have joined a plethora of TMT companies. The building has received over 1000 applications from technology companies eager to get a place in this exciting property.
Work began on the Canary Wharf Group designed and built Crossrail station in May 2009 and is progressing ahead of schedule and under budget. The station will cut travel times across London and the journey to and from Heathrow will be reduced to just 39 minutes. Trains are due to start running in 2018.
The Foster+Partners designed station will also include 115,000 sq ft of retail space. Phase one is due to open in May of this year and will have a mixture of leisure operators; Everyman Cinema, Sports Bar & Grill and Poncho 8. The roof level of the station will have a landscaped garden and restaurant.
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