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Songbird Estates, who majority own The Canary Wharf Group have been granted planning permission for the construction of 30 buildings in a mixed use development to the East of London which will expand from existing Canary Wharf. 4.9 million square feet of offices, shops and homes amongst other infrastructure such as a school, NHS medical centre, parks, walkways and restaurants will be constructed. The aim is for the completion of the first buildings to coincide with the opening of the Crossrail and will be the first expansion of the financial district since the recession.
At the centre of the development will be a 57 storey cylindrical residential skyscraper which was designed by the same people who created the Tate Modern and ‘Birds Nest’ Olympic stadium in Beijing, Herzog and de Meuron. But perhaps more interestingly, the scheme is seen as a beacon showing the confidence the city of London has in its office market for years to come. Rhodri Mason from Morgan Pryce thinks, “The new office space being created in Canary Wharf should help to create a less segregated submarket that can be seen in the rest of the city due to the variety of office space being created.” This point was accentuated by Sir George Lacobescu, the chief executive of the Canary Wharf Group who stated, “We are hoping to attract a new wave of firms such as companies in TMT, and diversify from banking and financial services.” More than 100,000 workers commute daily to Canary Wharf and this is expected to double once the development is complete.
This new supply of office space will be a start in helping supply catch up with demand and help to bring down the soring City office rents. The London commercial market continues to show confidence and growth, the banks are lending again and I think it is fair to say we have come a long way since the dark days of the recession.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.