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Boris backs new Canary Wharf homes

Plans to build a community with over 3,000 new homes on the eastern edge of Canary Wharf have been given the green light by the mayor of London.

Boris Johnson backed the plans by developer Canary Wharf Group, which will see the building of up to 3,610 homes and the creation of over 17,000 jobs.

The scheme, on land formerly known as Wood Wharf, will also include business and retail units, hotel and leisure facilities, a new primary school and a doctor’s surgery.

There will also be up to 35,000 sqm of retail floorspace, a community centre and a network of parks and public squares.

Canary Wharf Group will be contributing over £60m towards Crossrail, which will run to Canary Wharf, and an additional £27.5m for other infrastructure needs to the area.

This will include over £10m for local transport improvements.

Canary Wharf Group’s chief executive George Iacobescu said the new district “will reinforce Canary Wharf’s position into the future as one of the most exciting and vibrant places to live and work in London”.

The scheme will include the construction of a 57 storey residential skyscraper, designed by Herzog & de Meuron, facing the waters of the South Dock.

Mr Johnson said he believed the development was located in an area suitable for tall buildings.

He added: “This is exactly the kind of scheme that we need to accommodate London’s booming population that is set to break through the nine million mark within the next decade.”

Tower Hamlets gave the project the go ahead in July 2014.

Hostile takeover inches closer

An attempt by Qatar Investment Authority and Brookfield Property Partners to takeover Canary Wharf Group’s owners Songbird has inched closer.

One of Songbird’s free float shareholders, Third Avenue Management, has decided to up its stake in the firm to 26,268,989.

Three shareholders now back the move. They are EMS Capital, Third Avenue Management and Madison International Realty.

QIA and Brookfield made an offer of £3.50 per share for Songbird on Thursday, valuing the firm at £2.6bn.

The decision to go hostile followed Songbird’s rejection of an initial offer of £2.95 per share at the beginning of November, which the company said “materially undervalued” the business, and rejected the proposal.

Songbird also said the latest offer of £3.50 did “not reflect the full value of the company”.

Readers' comments (1)

  • Need to actively encourage investment in commercial centers away from London not the other way round! No need for London to break 9m population when there are cities all over the UK needing inward investment.

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