A government loan of £200m will mean that work can finally start on the 4.9m sq ft Wood Wharf scheme next to London’s Canary Wharf Estate over the next couple of months.
The new development, located east of Canary Wharf, will offer 3,500 new homes, including 607 affordable residential homes, in addition to more than 2.8m sq f of office space as well as retail and leisure facilities.
The first phase is expected to be completed in conjunction with the arrival of Crossrail in 2018.
Taking centre stage of the project will be a 57-storey cylindrical residential skyscraper, positioned alongside the South Dock as designed by Herzog & Meuron.
Sir George Iacobescu CBE, Chairman and Chief Executive Officer of the Canary Wharf Group commented: “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.”
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