Major new development announced for London’s Canary Wharf

Plans to create a new waterside community on the eastern edge of Canary Wharf in London with up to 3,610 homes and more than 17,000 jobs have been approved by the Mayor of London.

Major new development announced for London’s Canary Wharf

Plans to create a new waterside community on the eastern edge of Canary Wharf in London with up to 3,610 homes and more than 17,000 jobs have been approved by the Mayor of London.

It is the latest in a series of new developments that Mayor Boris Johnson hopes will help tackle the severe shortage of homes in the capital city, especially affordable homes.

The new development, on land formerly known as Wood Wharf, will transform a vast 13.6 hectare site that has been semi derelict and underused for decades. In addition to new housing, including affordable housing options, the scheme will include a variety of business and retail units, hotel, leisure facilities, a new primary school and a doctor's surgery.

There will also be up to 35,000 square meters of retail floor space, a community centre and a network of parks and public squares and the centrepiece will be a 57 storey cylindrical residential skyscraper facing the waters of South Dock, designed by Herzog & de Meuron, the Swiss architects behind the Tate Modern and the Bird's Nest Olympic stadium in Beijing.

Developer Canary Wharf Group will also be contributing in excess of £60 million towards Crossrail and an additional £27.5 million for other infrastructure needs. This will include over £10 million for local transport improvements, some of which will be used to improve the nearby Preston's Road roundabout.

At least 25% of the new homes will be affordable but a review mechanism has been put in place that could see the number of affordable homes rise to 40% and 80% of the affordable homes will be affordable rent and the remainder will be intermediate housing.

‘This vast development will transform a currently derelict brownfield site beyond all comprehension into a thriving new community with thousands of new homes and jobs. 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,’ said Johnson.

According to Sir George Iacobescu, chairman and chief executive officer of Canary Wharf, the new development 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 new phase of Canary Wharf will include up to 3,610 new homes, and 1.9m square feet of office buildings designed to accommodate the fast growing technology media and telecoms sector as well as financial and professional services firms,’ he explained.

‘It will offer high street retail units to complement Canary Wharf's existing retail offer, as well as affordable housing on site. It will also include substantial new green parks and dockside walks, a library, a large GP surgery, a school for 420 children, a community sports hall and community space,’ he added.

The scheme sits within the Isle of Dogs Opportunity Area. Opportunity Areas are London's main locations for new development over the next 25 years with significant capacity for new housing, commercial and other uses supported by existing or planned improvements to public transport.

The development also sits in an area that the Mayor believes is suitable for tall buildings. The application was approved by Tower Hamlets Council in July 2014.