The Wood Wharf site was already 25% owned by Canary Wharf Group, but the developer has now bought out the interests of British Waterways and Ballymore Properties to take full control of the scheme.
Canary Wharf Group paid £52.4m for British Waterways’ 50%, plus a restructured 250 year lease that will see an annual ground rental payment to British Waterways increase to £6m by 2016. Ballymore gets £38m for its 25%.
Wood Wharf will be a new mixed use development scheme adjacent to the Canary Wharf estate.
In May 2009 the current master plan, designed by Rogers, Stirk, Harbour & Partners with landscape architect Martha Schwartz & Partners, received one of London’s largest ever single outline planning consent for 4.8m sq ft net. This represents an area almost one third of the size of the current Canary Wharf Estate.
As planned, the new development will ultimately comprise approximately 1.25m sq ft of residential development, 0.2m sq ft of retail, 3.1m sq ft of offices and a 0.2m sq ft hotel. Detailed consent was granted on the three office buildings closest to the Canary Wharf estate totalling 1.5m sq ft net in July 2009.
Canary Wharf Group chairman and chief executive 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. This mixed use development will set new, world-class standards for design, sustainability and community integration. 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.”
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