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£150m ‘new town’ to be built by Canary Wharf
Benedict Moore-Bridger10.10.08
Officials have given the go-ahead for a new £150 million “town” to be built next to Canary Wharf.
The ambitious project will include skyscrapers for hundreds of businesses, a new park, high street, a specially built canal and homes for 4,000 people.
Tower Hamlets council agreed planning permission for the seven-million sq ft development known as Wood Wharf, although there are fears the project could be held back because of the current financial turmoil.
The joint venture between Canary Wharf Group, British Waterways, and Ballymore Properties, is one of Britain's largest planning applications, and the consortium has pledged to contribute £153 million in planning gain money — the payment which developers promise in the hope of helping to regenerate the area.
The money will go towards a local Crossrail station (£100 million), improving neighbouring DLR routes (£9 million) and upgrading the buses (£5 million). General local amenities will have £24 million spent on them and education, health and community facilities will be recipients of the remaining £15 million.
The development, described yesterday by Tower Hamlets council planners as a “new town”, will take 10 years to build, and will have new bars, shops, cafés and restaurants.
The 20-acre development to the east of Canary Wharf will involve the demolition of an industrial area known as Lovegrove Walk and part of the wall on the Grade I-listed South Dock.
In its place there will be six tower blocks which will include a new hotel, office space and more than 1,600 homes, of which 315 have been earmarked for affordable housing — something which the Commission for Architecture and the Built Environment warned could create a “ghetto” if not designed well.
The tallest of the skyscrapers will be 203 metres high, only 40 metres shorter than Canary Wharf Tower.
Council planning chief Mike Kiely said: “This will be like a new town. This will have a very different feel from the Canary Wharf because Canary Wharf is somewhat divorced from the water.
“This is very much a modern development that will create an extensive business and residential district.”
Canary Wharf Group is also pushing forward with major expansion plans in the financial district, with JP Morgan in negotiations to take three new offices on the Thames riverside at Canary Wharf, having shunned a development in the City of London.
The group's chief executive George Iacobescu said: “We are talking to [JP Morgan] all the time and I believe they will sign by the end of the year.”
Reader views (2)
Do families want to live in high rise apartments? Where will the children play? After doing the 'young urban professional' bit, when people get married and have children, they usually want a home with a little garden.
And, while i'm at it - why aren't we redeveloping all those uninhabitable homes across the capital before building yet more stuff
- Andrew, London E14
How much more can be built there before the whole thing sinks?
- Jackie, surrey
