Share

London's Canary Wharf wants to build homes

London - The Canary Wharf district has submitted plans to build 3 100 homes alongside the area's shiny skyscrapers, as its owners look to reduce the neighbourhood's reliance on the financial sector.

The plans centre on a 20-acre site called Wood Wharf adjacent to the main estate, which Songbird Estates - majority owner of Canary Wharf group - wants to develop into a neighbourhood of homes, offices and shops and make the estate more appealing to a broader spectrum of tenants.

Demand for office space from banks has dried up since the financial crisis and rents are still falling in some buildings in the City where some skyscraper floors are empty.

Technology and media firms have since taken over as the biggest source of demand for office space and Canary Wharf hopes its latest plans will target both the firms and their workers.

Affordable housing

Canary Wharf has evolved from derelict dockyards over the last 20 years to rival London's City district. Its skyscrapers now house over 100 000 financial sector workers.

The estate, made up mainly of offices, first said it was considering building homes in September last year.

The plans, which have been submitted to the local council for approval, provide for 3 100 homes ranging from affordable housing to luxury penthouses, offices and over 100 shops, as well as a primary school and healthcare facility.

Once permission is obtained, construction is expected to start in the first quarter of 2014 on the first phase, which will include 884 apartments across three buildings and two office buildings.

The first buildings will be completed in 2017.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.02
-0.6%
Rand - Pound
24.00
-0.4%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
901.20
+0.5%
Palladium
997.97
-0.4%
Gold
2,210.69
+0.7%
Silver
24.71
+0.3%
Brent Crude
86.09
-0.2%
Top 40
68,075
+0.6%
All Share
74,269
+0.5%
Resource 10
56,834
+2.1%
Industrial 25
103,553
+0.3%
Financial 15
16,490
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders