Canary Wharf Group has bought ownership of the Wood Wharf Limited Partnership by combining its own 25 per cent interest with the 75 per cent interests acquired from British Waterways and Ballymore Properties Limited.19 Jan 2012
As part of the £90 million deal it has also agreed the restructuring of British Waterways's on-going participation as freeholder of the Wood Wharf site.
Canary Wharf Group will now have control of design over the Wood Wharf mixed use development scheme under an overriding 250 year lease for the 16.8 acre site, which is immediately adjacent to the Canary Wharf business and shopping district.
Wood Wharf will comprise 1.25 million square feet of residential development, 200,000 sq ft of retail, 3.1m sq ft of offices and a 200,000 sq ft hotel. The masterplan for the area received one of London’s largest ever single outline planning consents in May 2009 for 4.8m sq ft net, which represents an area of almost one third of the size of the Canary Wharf Estate.
Detailed consent was subsequently granted for the three office buildings closest to the Canary Wharf estate totalling 1.5m sq ft net in July 2009.
"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," said Canary Wharf Group chief executive Sir George Iacobescu.