Out-Law / Your Daily Need-To-Know

First residential Canary Wharf tower given approval

Out-Law News | 17 Mar 2014 | 2:42 pm | 1 min. read

The London Borough of Tower Hamlets' strategic development committee last week resolved to grant planning permission to Canary Wharf Group's 58-storey Newfoundland scheme in London's E14. 

The scheme at Westferry Road will comprise a 226 metre tower and a linked two storey building to comprise 568 new homes as well as 1,412 square metres of commercial space and internal and external amenity space. Off-site affordable housing will be provided across three donor sites at Burdett Road, Barchester Street and Lovegrove Walk.

The Council's planning officers said in the committee report that, although the site was within a preferred office location, it had been demonstrated that employment-led development on the site would not be viable.

They said that a residential-led mixed use development will "maximise the use of previously developed land, and will significantly contribute towards creating a sustainable residential environment and towards local and London-wide housing targets".  

“The Canary Wharf Estate is a growing community and I am pleased that this resolution has been passed," said CWG chief executive officer Sir George Iacobescu according to a report by CoStar.

"This means the Group will, for the first time, be able to offer residential space within the footprint of the Canary Wharf Estate. I firmly believe that Canary Wharf is an attractive place to both work and live thanks to the offering of over 900,000 sq ft of incredible retail and restaurants, and the effective transport nodes," he said.

Iacobescu add that he is "pleased" to be a signatory to the Mayor of London's 'mayoral concordat' under which developers agree to market new homes within the capital in the UK before, or at the same time, as they are marketed abroad.

Planning permission for the scheme is subject to the completion of a Section 106 Agreement and referral to the Mayor of London. If granted, construction is expected to start in the summer and to complete in 2018.