The new phase of Canary Wharf (formerly called Wood Wharf) development will deliver 3,500 homes as well as offices, shops and leisure facilities.
The scheme has been planned for more than a decade – but today’s (27 March 2015) funding boost will enable work to finally get started.
Communities Secretary Eric Pickles said:
London’s Docklands have been completely transformed in the last 20 years into an exciting place to live and work.
Today’s £200 million deal will ensure this continues long into the future with the development of Wood Wharf, delivering thousands of homes as well as job opportunities.
Delivering homes and jobs in the capital
Housebuilding is at the heart of the government’s long-term economic plan, with starts at their highest since 2007 and 253,000 homes granted planning permission last year.
A key part of this has been getting work started on large-scale sites by providing the funding boost needed to get the infrastructure in place to support new homes.
Under the terms of today’s deal, the Canary Wharf Group will receive a £200 million loan from the government to provide the infrastructure needed to unlock the site to the east of the existing Canary Wharf estate, including the relocation and upgrading of utilities for the site.
The funding will also make it an attractive place to live and work by funding a network of parks and public squares, as well as improved road and pedestrian access.
It will mean work can then get started on delivering 3,500 homes, including 607 affordable homes, as well as 2.8 million square feet of offices, shops and community facilities.
These proposals have already got planning permission, so work will be able to start within months.
Andy Rose, Chief Executive at the Homes and Communities Agency, said:
The £200 million contribution to this project will accelerate the infrastructure needed to boost this vital centre for business activity by unlocking land to establish Canary Wharf as a residential location, building the homes that London needs to supply viable housing developments.
The agency has demonstrated that by working in partnership with the private sector and the Mayor of London, a project of this scale and complexity can be delivered. This loan supports the building of thousands of homes, creates significant employment and represents good value for the tax payer.
The Mayor of London, Boris Johnson said:
This funding will help to accelerate the regeneration of a currently derelict brownfield site into a brand new community.
Sir George Iacobescu CBE, Chairman and Chief Executive Officer of Canary Wharf Group said:
This crucial contribution by the Homes and Communities Agency towards the infrastructure needed to underpin the next phase of Canary Wharf will enable the Group to fulfil its ambition of creating one of the most exciting and vibrant places to live and work in London. This is just the type of targeted and practical assistance that our sector needs to help deal with the housing shortage in London.
We are just embarking upon this major 4.9 million square foot scheme which will include up to 3,610 new homes, 1.9 million square feet of lower-rise office buildings to accommodate the fast growing technology, media and telecoms sectors as well as financial and professional services firms, and high street retail units to complement the existing hub of retail at Canary Wharf. We will also provide a large GP surgery, a 420 place school, a community sports hall and material new green parks and dockside walks.
Funding comes from the government’s £1 billion large sites infrastructure fund.