Second phase of Canary Wharf development given green light

Planning permission has been granted to the second phase of a £305 million development in Canary Wharf.

Property Week reports that the next stage of Oracle Residential's development at the site on Millharbour will see the building of two 32-storey towers to add an extra 546 flats, a hotel and leisure and retail space to the project.

Oracle secured funding from the Royal Bank of Scotland for the first phase of the development, which is currently under construction, at the start of the year.

Some 362 homes are being built at the 4.5 acre site bought by Sir Robert Ogden in 2006 for £65 million.

The development is a joint venture between Oracle and Galliard Homes.

Meanwhile, Westminster City Council has recently announced plans to regenerate Oxford Street, Regent Street and Bond Street and will spend £40 million to make them more pedestrian-friendly.

The Oxford, Regent and Bond St Action Plan will see pavements widened and street "oases" created to make shopping more pleasant in the triumvirate.

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