Canary Wharf Group plc Acquires 1 Park Place at Canary Wharf
Canary Wharf Group plc (CWG) has acquired the long leasehold interests in 1 Park Place on 0.87 acres of land adjoining the Canary Wharf Estate. The site is located in the heart of Canary Wharf between buildings occupied by Morgan Stanley at 25 Cabot Square and Tubelines at 15 Westferry Circus, facing West India Avenue.
The site has been acquired for £17.5m from Park Place S.A.R.L. acting by its receivers. Currently the site benefits from two alternative planning consents for either 214,000 square feet or 950,000 square feet.
Although CWG has yet to announce plans for the site, it offers a significant opportunity for future development. George Iacobescu, Chief Executive at CWG said: “This represents an excellent opportunity to acquire a site of strategic and commercial value to CWG. It allows further expansion of the Canary Wharf Estate, which continues to attract world-class businesses and retail brands.”
“There is a relative lack of prime office space being developed in Central London after 2011. With an improving economy, transport enhancements and further regeneration elsewhere in East London, Canary Wharf sites such as 1 Park Place will become increasingly attractive to potential tenants,” concludes Iacobescu.
NOTES TO EDITORS
About 1 Park Place
1 Park Place, E14 is largely surrounded by the Canary Wharf Estate. It is bordered by West India Avenue to the north, Park Place to the west and south and Middle Dock to the east. Access is via Park Place which connects with Westferry Road.
The office buildings either side of 1 Park Place are 25 Cabot Square, occupied by Morgan Stanley and 15 Westferry Circus, occupied by Tubelines.
Current tenants include Teach First, Finbow Wines and Biotronics, and it is expected that a lease will be signed with Brit College imminently. All of the existing leases expire on or before December 2014. The property has a current rental income of £273,637 per annum.
1 Park Place was constructed in 1986, meaning it predates the first phase of construction of Canary Wharf, which began in May 1988. The property is constructed over basement, ground and five upper floors.
About Canary Wharf Group
CWG is an integrated property development, investment and management group of companies. It is focused on the design, construction, leasing and management of Grade A office space and high-quality retail and leisure facilities on its 97 acre Estate in East London.
Over the past 20 years CWG has regenerated derelict wharves into one of the world’s premier business districts, constructing over 15 million square feet of office and retail space – more than any other company in London.
Canary Wharf is home to many of the world’s leading business organisations, including in the professional services; media, law, energy, financial services and transport sectors. It is also home to over 200 shops, bars, cafes and restaurants, including many of Britain’s leading brands. The working population is approximately 93,000.
The Estate includes 20 acres of landscaped parks and plazas. Canary Wharf hosts over 180 events a year and has one of the UK’s largest collections of public art.
As at 30 June 2009 the Canary Wharf Group investment portfolio was 97.7% let. The weighted average unexpired lease length was 16.9 years.
CWG was named one of the Sunday Times 60 Best Green Companies in the UK in 2009.
Canary Wharf is set for further expansion. In 2008, CWG signed agreements to commence work on the Canary Wharf Crossrail Station and to continue work on a new European Headquarters for J.P. Morgan. KPMG, State Street and Fitch Ratings open new office buildings on the Estate in 2009 and 2010, bringing thousands of new workers to Canary Wharf on a daily basis.