Canary Wharf Group was yesterday given the go-ahead to convert a 20-acre site next to its east London estate into more than 3,600 homes, shops and offices targeting the fast-growing media and technology sector.
Tower Hamlets council has approved regeneration plans for the semi-derelict area, which was formerly known as Wood Wharf because it was used for the shipping and storage of timber.
The decision comes after London mayor Boris Johnson gave the scheme his stamp of approval earlier this month.
The development, which includes a 57-storey cylindrical luxury residential tower, will be Canary Wharf’s first move into residential development, with 25 per cent of earmarked as affordable housing.
The scheme will also offer 1.9m square feet of new offices, which Canary Wharf hopes will attract more creative media and technology companies to reduce its reliance on the financial sector.
“This 4.9m square feet next phase of development will reinforce Canary Wharf’s status as one of the most attractive new places to both live and work,” chief executive, Sir George Iacobescu CBE, said.
The first phase of development is expected to be finished in 2020.