Landmark Canary Wharf building given the green light
Plans to construct a new landmark building in London’s Canary Wharf have been given the green light.
Canary Wharf Group (CWG) has secured planning permission to build a 46-story student accommodation building in the Wood Wharf neighbourhood.
The development at 7 Brannan Street will contain 912 bedrooms, increasing Canary Wharf’s current population of 3,500 students by about 25 per cent.
Accommodation demand from students in London is ballooning: the current gap between the number of students seeking accommodation and the number of available beds is estimated to be between 100,000 and 105,000.
Like the general housing crisis, the gap between supply and demand in the capital is the widest area in the country.
“[7 Brannan] will help meet the demand for modern, high-quality accommodation located within a metropolitan environment offering a rich mix of retail, leisure, hospitality and green spaces for students to enjoy,” Tom Venner, chief development officer for Canary Wharf Group, said.
The building, designed by Howells Architects, will include a number of amenity, communal, and leisure spaces, along with a ground floor retail offering and two waterside public gardens.
Venner said that 7 Brannan Street will be a “fantastic addition to the diverse range of residential offerings at Canary Wharf”.
“We are already home to world-leading education and learning facilities, including the UCL School of Management operating from One Canada Square,” he added.
Canary Wharf’s pivot away from finance
The decision to focus on housing and student accommodation is part of a long-term strategy by CWG to pivot away from a pure-play office offering.
When the value of its portfolio plummeted during and after the pandemic – and a number of firms upped sticks to the City of London – CWG looked for ways to pull non-workers into the area.
CWG has so far done exceptionally well at attracting residents and shoppers: only 40 per cent of the people who went to Canary Wharf in 2023 were headed to the office, according to its data.
It also opened more than 40 new stores and leisure offers last year, bringing its total venues to 320, and the area was rated the number one retail destination in the UK last year.
The residential offer at Canary Wharf, too, continues to expand with a mix of private for sale, private rent and affordable properties.