Canary Wharf Group bought out its Wood Wharf partners in the development of new flexible office space in London. 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 of flexible office space in London 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 flexible office space in London and 1.25m sq ft of residential space. Retail space and a hotel will also 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.
“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 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.