Tuesday 10 March 2015 – Media Release
Canary Wharf Group plc showcases diversified portfolio at MIPIM 2015: Development pipeline encompasses residential, commercial, retail, lifestyle and tech
Canary Wharf Group plc is embarking on more than 5.1 million sq ft of new development this Spring comprised of 22 buildings across four projects. These projects are the Newfoundland residential tower at Canary Wharf – which will enable people to live on the Estate for the first time – the One and Ten Bank Street office developments, the new mixed use phase of Canary Wharf (formerly known as Wood Wharf) and the expected mixed use Shell Centre redevelopment on London’s South Bank.
The Group has a mixed use development pipeline of 11.5 million sq ft, enabling it to build on its existing 17 million sq ft of office, retail and leisure space. This new wave of development will continue the Canary Wharf Group’s drive to diversify its offering, create high quality homes, offices, and lively retail and leisure space for London.
These projects will also target the continued success of the UK’s digital economy which has led to exponential growth in the tech industry, and hub destinations like Canary Wharf being acknowledged as primary convergence points for major corporates and start-ups alike.
Canary Wharf Group’s Chairman and CEO Sir George Iacobescu CBE comments:
“Canary Wharf Group is entering an exciting new era as a diversified developer. Having regenerated Canary Wharf Estate into one of the world’s leading business districts, the path ahead will take us into residential markets, create major new London retail and leisure hubs, embrace smart city technologies as we continue to innovate, and provide space for office tenants from a broadening range of sectors. We are not just a developer; we are in the business of creating sustainable London communities with our unique integrated offering.”
Canary Wharf’s New Phase – waterside living in a ‘Future City’
Construction has commenced on the new Allies and Morrison-designed masterplan for Canary Wharf’s new phase (formerly known as Wood Wharf) to create a 4.9 million sq ft residential led, mixed use, waterside community defined by the quality of its 3.6 hectares of interconnected public spaces, the diversity of its land use and activities, and its exemplary architecture.
This new phase will be the pilot site for leading smart city innovation from the Group’s Cognicity Challenge as it aims to create a truly interoperable city. It will cater for London’s evolving market requirements and address the needs of the capital’s fast-growing, world-class creative and tech sectors. This will include 1.9 million sq ft of commercial space to enable innovation to flourish and to support new ways of working, up to 3,610 homes and over 300,000 sq ft of retail and community space.
Internationally-renowned architects Herzog & de Meuron, Stanton Williams Architects, Allies and Morrison, Grid Architects, KPF, Darling Associates, Patel Taylor and Wirtz International have been appointed to design the first phase of buildings.
Furthermore, the Newfoundland tower will be the first residential development at Canary Wharf. Designed by renowned Mayfair-based architects Horden Cherry Lee, Newfoundland will stand tall at 58-storeys containing 611 apartments. It will become a visual landmark not only for Canary Wharf but also for the capital.
Cognicity – pioneering smart cities project creating the city of the future, realised today
Canary Wharf Group plc launched its Cognicity Challenge in October last year, a major new initiative that will enable the company to play a leading role in the development of new smart cities technologies. The Cognicity Challenge is a competition that invites innovative companies to develop their technologies at Canary Wharf. The Challenge is divided into six streams. Twenty-four finalists have been selected across the first four streams – Sustainable Buildings, Integrated Transportation, Integrated Resource Management and Automated Building Management – with the finalists of the final two streams of Connected Home and Virtual Design and Construction due to be announced in the coming months.
The initiative has attracted international technology talent and secured support from industry heavy-weights including Intel and Innovate Finance which join Canary Wharf Group executives to provide specialist mentoring and training to the finalists during their 12-week residency in High Growth Space:24.
The winner of each of the six streams will be awarded £50,000 and offered the opportunity to further develop and pilot their technologies at the Canary Wharf Group estate. This ‘pilot phase’ for the first two streams is due to commence at the end of April 2015. It will be a ground-breaking step involving industry-leading change within the Group’s operations and demonstrating its ongoing commitment to building the cities of the future.
Level39 – Europe’s largest accelerator space for financial, retail, cyber security and future city technologies
The Group announced the launch of Level39 at MIPIM 2013 ahead of its formal opening at One Canada Square, Canary Wharf on 18 March 2013. Two years on, in response to demand, Europe’s largest technology accelerator space for financial, retail, cyber security and future city technologies now spans three floors totalling almost 80,000 sq ft. More than 160 tech start-ups have joined an existing wealth of mature TMT companies within the Estate including Citihub, Infosys, Alibaba and 3i Infotech.
Since opening its doors, Level39 has created 92 jobs, welcomed 81 international delegations, 59,266 visitors, and received over 1,000 applications from technology companies wanting to become part of the Level39 and Canary Wharf tech community. For more information, please see the ‘Level39: Two Years On’, which charts the progress of Level39 to date.
Canary Wharf Crossrail – new connections to Canary Wharf
The Group-designed and built Crossrail station at Canary Wharf has progressed ahead of schedule and under budget since the formal commencement of works in May 2009. The new rail line will run from east to west across London, not only connecting the West End, City and Canary Wharf, but also to locations beyond. The Station will increase the catchment population within one hour of Canary Wharf by 1.5 million, cutting travel times across the capital – Canary Wharf to Liverpool Street in six minutes, to Farringdon in eight minutes and to Heathrow in 39 minutes. Trains are due to commence in 2018 with Practical Completion of the station box anticipated in summer this year.
Designed in collaboration with Foster and Partners the station will include 115,000 sq ft of retail development. The first phase is scheduled to open in May 2015 and will include a mix of leisure operators including Everyman Cinema, Sports Bar & Grill and Poncho 8. The roof level of the station will also hold a pavilion restaurant and a landscaped roof garden covered by an elegant, semi open-air lattice roof. The retail and leisure space above the station is owned on a long lease by Canary Wharf Group and will complement and enhance the existing offering.
One Park Place and One and Ten Bank Street – next generation of Canary Wharf buildings
As businesses demand increased flexibility from their buildings, Canary Wharf Group is creating the offices of the future with One Park Place at West India Avenue and One and Ten Bank Street near Canary Wharf’s Jubilee station. These new office developments will provide a variety of flexible floor plate sizes, layouts and sustainable environmental credentials, enabling businesses to choose the interior and façade of a building that suits their requirements.
One Bank Street received planning approval in February for a 700,000 sq ft office building. The 28-storey commercial scheme, designed by Kohn Pederson Fox, will comprise high-quality office space including state-of-the-art trading floors, a ground level retail unit, 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.
Société Générale, one of Europe’s most important European banking institutions, has pre-let 280,000 sq ft of One Bank Street. It will occupy the ground and first to seventh floors on a 25 year lease.
Shell Centre Redevelopment – Transforming the South Bank
Canary Wharf Group, working with joint venture partner Qatari Diar, is also set commence the transformation of the Shell Centre later this year, another of London’s prestigious waterfront sites on the South Bank. This follows a High Court decision last month to dismiss a challenge to the Secretary of State’s decision to approve plans for the redevelopment of the Shell Centre.
Southbank Place will be an important catalyst for the regeneration of Waterloo, creating thousands of jobs and hundreds of homes, which in turn will benefit London and the UK. The 27-storey Shell Centre Tower will remain the centrepiece of the new 1.47 million sq ft mixed use site and will continue to be owned and occupied by Shell. It will be complemented by eight new buildings comprising 1.4 million sq ft of mixed use office, retail and residential space, and a further 500,000 sq ft of new office space in two new buildings. The site has been master planned by Squire and Partners and phased construction of this highly sustainable development is expected to commence later in 2015.
Canary Wharf Group will be present at MIPIM in the London Pavilion, Stand C15.
For further information, please contact:
T: +44 (0)7775 518 587
Aleka Bhutiani, Director, FTI Consulting
T: +44 (0)20 3727 1048
Elizabeth Adams, Canary Wharf Group plc
T: +44(0)20 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 focused 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 two decades, Canary Wharf Group has regenerated derelict wharves into one of the world’s premier business and shopping districts, constructing over 16.4m sq ft of office space. These buildings are now occupied by over 105,000 people. The company has an exciting mixed use development pipeline of over 11m sq ft of office, residential and retail space which is the largest of any London based developer.
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. The Group has also developed and successfully let over 300 shops, bars, cafes and restaurants to many of Britain’s leading brands. In March 2013, the Group launched its Level39 initiative to attract fintech and smart cities start-ups to Canary Wharf. Level39 is now home to over 160 start-up companies in almost 80,000 sq ft across three floors at One Canada Square.
In addition to development on the Canary Wharf Estate, the Group is involved with projects across London. The Pan Peninsula and Drapers Gardens developments have been successfully completed and the 20 Fenchurch Street (Walkie Talkie) development in the City of London was completed in late 2014 and is already nearly fully let. The Group is also in a joint venture to redevelop the Shell Centre on London’s South Bank.