Canary Warf development 'gets green light'

A new waterside development near London's Canary Warf has got the green light to go-ahead with the project by Tower Hamlets council.

Wood Wharf Partnership, a joint venture between Canary Wharf Group, British Waterways and Ballymore Group recently won consent to put plans for its 17-acre site, which will have 4.9 million square foot of offices as well as retail and leisure space, a hotel, and a community park into action.

Jason Larkin, Wood Wharf Partnership's planning director, said that the redevelopment of the wharf will create the "world's finest urban waterfront quarters".

"The creation of jobs, homes, and investment in community infrastructure will make this one of the largest and most important regeneration projects in London and provide huge benefits to the London Borough of Tower Hamlets," he said.

It is understood that the redevelopment will take place over the next ten to 15 years in a four phase process.

Despite the news, it is understood that the owner of Canary Wharf Songbird has seen the value of office space in east-London drop by more than £500 million.