Tuesday 3 February 2015 – Media Release
Canary Wharf Group plc receives planning approval for 1 Bank Street
Canary Wharf Group plc is pleased to announce that Tower Hamlets’ Planning Committee has resolved to grant planning permission for a new 700,000 sq ft office building at 1 Bank Street, Canary Wharf in London.
This striking new 27-storey commercial scheme will comprise high-quality office space including three levels of state of the art trading floors, a retail unit at ground level, a free-standing retail kiosk on South Dock Promenade, public realm, planting and landscaping and basement car and cycle parking. There will also be public access to a new promenade along the South Dock.
Designed by world renowned architects Kohn Pederson Fox (KPF), 1 Bank Street will contribute to strengthening the role of Canary Wharf as a prime London office and employment location, providing capacity for an additional 5,837 full-time equivalent jobs.
Société Générale, one of Europe’s most important European banking institutions, has already agreed a lease for 280,000 sq ft of 1 Bank Street. It will occupy the ground and first to seventh floors on a 25 year lease at a rent of £47.50 per sq ft and 36 months’ rent free commencing from the summer of 2019.
Sir George Iacobescu CBE, Chairman and Chief Executive Officer of Canary Wharf Group plc, said: “We are very pleased to have received approval from Tower Hamlets council to proceed with the latest building in Canary Wharf Group’s extensive development pipeline. This decision highlights Canary Wharf’s position as one of the most attractive places to work, providing much needed jobs to London’s crucial financial services industry and its supporting networks.”
For more information, please contact:
Canary Wharf Group press office: 020 7418 2000
Notes to Editors
About Canary Wharf Group plc
Canary Wharf Group plc is an integrated property development, investment and management group of companies. It is focussed on the design, construction, leasing and management of grade A office space and high-quality retail, residential and leisure facilities in central London. Over the past 20 years Canary Wharf Group has regenerated derelict wharves into one of the world’s premier business and shopping districts, constructing over 16m sq ft of office space; more than any other company in London. These buildings are now occupied by over 105,000 people.
Canary Wharf Group’s tenants include some of the world’s leading business organisations from the media, legal, accounting, financial services, IT, energy and transport sectors. Canary Wharf Group has also developed and successfully let over 300 shops, bars, cafes and restaurants to many of Britain’s leading brands.
In addition to development on the Canary Wharf Estate, the Group is also involved with projects across London. The Pan Peninsula and Drapers Gardens developments have been successfully completed and construction continues on 20 Fenchurch Street (Walkie Talkie) in the City of London which is nearly fully let. The Group is also in a joint venture with Qatari Diar for the redevelopment of the Shell Centre on London’s South Bank.