Canary Wharf starts on its latest tower

CANARY Wharf Group (CWG) announced yesterday that it will begin construction work on a new tower, 25 Churchill Place, in late 2011.

The tower is the final building from the original Canary Wharf development plan, drawn up in 1987.

CWG has agreed to pre-let half of the 500,000 square foot, 20-storey building to the European Medicines Agency.

The EU pharma body has signed up to pay £46.50 per square foot initially, after a 37-month rent free period, and will move into the building in January 2015.

CWG is in advanced discussions with lenders about funding for the project on the back of the pre-let, the developer said in a statement yesterday.