London’s Financial District Sees First Growth in Construction Since the 2008 Crisis

Industry Insight August 1st, 2014
London’s Financial District Sees First Growth in Construction Since the 2008 Crisis

London’s Canary Wharf has just had construction plans approved by Tower Hamlets Council, meaning that the Capitals Financial District is about to experience its first growth, construction wise, since the banking crisis.

The Canary Wharf Group, a London based property development, investment and management group, have been given the go-ahead for the redevelopment of Wood Wharf, a potential new business and residential district minutes from Canary Wharf and some of the capitals biggest banks.

The so-called ‘masterplan’ for Canary Wharf Group is to construct 30 buildings, including homes, shops and offices spanning up to 4.9 million square feet. The ‘landmark’ build will be a 57 storey cylindrical skyscraper with panoramic views of London at a height of 211 metres.

The residential builds will be a diverse mix of homes, ranging from tower block apartments to parkside townhouses, and approximately a quarter of homes will be set aside for affordable housing.

Mayor of Tower Hamlets, Lutfur Rahman, said: “It will generate thousands of jobs for local residents, it will create high quality affordable homes, and the development itself will be an iconic addition to Tower Hamlets.”

The building work on the Wood Wharf is expected to begin in the autumn of this year and it is predicted that the project will create around 17,000 jobs, from architects to electricians and plumbers.

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