CANARY Wharf Group is set to radically expand its east London estate after taking full control of Wood Wharf, a semi-derelict site adjacent to its existing estate.
The company bought the 75 per cent stake it doesn’t already own from partner British Waterways and Irish property company Ballymore in a deal worth £90m.
The site, which was previously used for shipping and storage of timber, is a third of the size of Canary Wharf and has planning consent for 1,600 new homes across six residential buildings as well as 3m square feet of new office space, shops, a hotel, and a park.
Canary Wharf has over the past 24 years come to rival the City as a base for financial firms, attracting tenants including HSBC and Citigroup.
A spokesperson for the firm said Wood Wharf would attract a wider tenant base and shows the firm’s confidence in strong future demand despite current economic troubles.
“We are diversifying what we do and the type of products we end up with,” he said.