Latest news with #CanaryWharfGroup
BBC News
14-05-2025
- Business
- BBC News
City Hall approves Canary Wharf 46-storey towe
Plans to build a 46-storey tower with more than 900 student bedrooms in Canary Wharf have been approved at City Hall despite the council voting the scheme a hearing on Tuesday, deputy mayor Jules Pipe said the project would "play an important role in helping London meet its annual housing targets", according to the Local Democracy Reporting scheme's approval comes after the plan was turned down by Tower Hamlets Council at a meeting in argued it could lead to an increase in antisocial activity and "noise and disturbance" for neighbouring residents, and that it was an "inappropriate location for student accommodation". In total, the scheme will deliver 912 new student bedrooms, of which 230 will be made available at "affordable" rates - no more than 55% of the market Pipe said: "Whilst this application is for purpose-built student accommodation, it nevertheless meets a housing demand equivalent to 364 homes."We're all aware of the urgent need to deliver more homes, and particularly genuinely affordable homes, if we're to tackle the housing crisis and boost economic growth."Jack Brewster, development director at the Canary Wharf Group, said it had been "very disappointing" when Tower Hamlets refused permission for the project after "over three years of design and engagement" on added that the masterplan was a crucial part of Canary Wharf's "process of transforming, through diversification".The council had received two objections from local residents in response to the plans, and City Hall received one after taking control of the application a few months ago. None of these objectors spoke at Tuesday's hearing, and the council also chose not to speak in defence of its decision to reject the high-rise student accommodation projects in Paddington and in Archway have also been "called in" by City Hall, with hearings expected for each in the next few months.
Yahoo
17-04-2025
- Business
- Yahoo
Canary Wharf suffers £180m slump amid struggle to recover from home working
Nearly £200m has been wiped off the value of Canary Wharf's office buildings as the financial district continues to struggle with the impact of working from home. Canary Wharf Group (CWG), which owns and manages most of the Docklands area of east London, said the value of its offices fell to £4.25bn in the 12 months to December, down from £4.34bn a year earlier. A further £85m was also spent on investment, which increased the overall office losses to £180m. This came after office occupancy rates fell from 91pc to 88.2pc in 2024, which led to rental income sliding by 9.3pc to £224.7m. Bosses blamed the drop-off on high interest rates and the continued slowdown in the property market, while also claiming that global political uncertainty contributed to 'slow' corporate decision-making. While still a significant decrease in value, the pace of decline has slowed from last year, when nearly £1bn was wiped off CWG's offices. The group still faces financial pressures after a string of companies announced plans to abandon their Canary Wharf offices to relocate to other parts of the capital. The latest tenant to confirm its departure was State Street, the US bank that is understood to be buying a new office in the City. Other major firms leaving Canary Wharf for the City include HSBC, Moody's and Clifford Chance, as businesses attempt to shrink their office footprints to cope with the rise of hybrid working. However, the exodus from the district has eased over the past year, with the likes of Citi, Morgan Stanley and Barclays all agreeing to stay. Fintech companies Zopa and Revolut have also confirmed plans to move into new offices in the district. Meanwhile, State Street's existing headquarters at 20 Churchill Place is owned by US investment group Brookfield Asset Management, which bought the building for around £250m in 2021. Brookfield also jointly owns Canary Wharf Group with the Qatar Investment Authority. The pair agreed to inject almost £1bn in new equity last year as part of a deal to refinance its debt. In a bid to ramp up its appeal to visitors, CWG has undertaken a series of initiatives, including adding more green space, flats, shops, restaurants and leisure venues. It is also building a tower with labs for commercial life sciences companies. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
