Canary Wharf Group bought out its partners for the Wood Wharf development.
The group now have sole control of the project which is located adjacent to Canary Wharf.
Canary Wharf Group has bought out its partners in regard to the Wood Wharf development which is set to be adjacent to Canary Wharf.
Originally the group controlled 25% of the development but now have sole control after buying out former partners British Waterways for their half and Ballymore for their 25% of the scheme.
The 16.8 acre site is set to be developed into 3.1m sq ft of office space as well as 1.25m sq ft of residential space whilst retail space and a hotel will take on 200,000 sq ft of space each.
Canary Wharf Group are said to have paid around £90m to take control of the project and will now decide when the scheme will begin.
Chairman and Chief Executive of Canary Wharf Group, Sir George Iacobescu said: “Wood Wharf’s development will mark an important evolution in the development of the Canary Wharf business, retail and residential district.
“Wood Wharf’s development will mark an important evolution in the development of the Canary Wharf business, retail and residential district.
“The acquisition terms are attractive for land with planning consent adjacent to Canary Wharf which will benefit from Canary Wharf’s considerable existing infrastructure and be complemented by Crossrail from 2018.”
At the time of planning, the 4.8m sq ft was scheme received one of London’s biggest ever planning consents and was designed by Stirk, Rogers, Harbour & Partners with Landscape Architect Martha Schwartz & Partners.
The take over by Canary Wharf Group saw British Waterways net a sum of £52.4m as well as a restructured 250 year lease that will see the company receive an annual ground rent payment of £6m by 2016, Ballymore netted £38m after the group took control.