Canary Wharf Group’s chief executive has said the “evolution” of the area which is diversifying beyond offices is well underway, after securing the green-light to develop a major new 23-storey life sciences building.
The landlord behind the Docklands financial district, working with developer Kadans Science Partner, has got planning approval for a 823,000 square feet tower than can provide workspace to a host of businesses including those in biotechnology, genomics and medical tech for example.
The North Quay scheme will be the largest commercial life sciences building in Europe. It is opposite the new Crossrail station and designed by Kohn Pedersen Fox Associates.Due for completion in 2027, it marks the latest work between CWG and Kadans after the pair recently completed 40,000 square feet of labs and offices on the estate at 20 Water Street.
CWG has been hit by the rapid growth of working from home, and HSBC has announced plans to exit its 8 Canada Square skyscraper there by 2027.
The property giant is becoming less reliant on offices and has invested in creating thousands of homes with more planned. Since 2019 it has also expanded from 36 restaurants, cafés and bars to more than 70.
Shobi Khan, chief executive of Canary Wharf Group, has also been concentrating on growing the life sciences division. He said of the latest approval from Tower Hamlets council: “This is a significant milestone in our development of a world-class life sciences hub at Canary Wharf.”
Khan said: “While the North Quay development is an integral focal point, we have been working in tandem to nurture and grow our current life sciences community and we have built real momentum this year through leasing success and working with our partners Kadans to develop bespoke and innovative new facilities.”
He added: “The next chapter in the evolution of Canary Wharf is well underway with the next generation of health and life science companies set to become a significant presence in our sustainable, mixed-use environment.”
Michel Leemhuis, boss of Kadans Science Partner, said: “In addition to its scale, location and technology, this building sets a new benchmark in its field for sustainability.”
