1.2m sq ft Canary Wharf office construction

Office design news from Morgan Lovell

Published on 18-01-2010

A new 1.2million sq ft office development is getting underway in London's Canary Wharf area.

The holders of the Canary Wharf development have spent £17.5 million purchasing the lease holding of 1 Park Place after the property went into receivership.

Irish developer Bernard McNamara had previously bought the property in May 2007 for £55 million. However, while planning consent for the 1.2 million sq ft of office space was successful, the project was never carried out.

"With an improving economy, transport enhancements and further regeneration elsewhere in East London, Canary Wharf sites, such as 1 Park Plac,e will become increasingly attractive to potential tenants," commented Canary Wharf chief executive George Iacobescu.

Elsewhere in the capital, Heron Tower in the City of London was recently awarded a BREEAM rating of Excellent.

When completed, the 46-storey property will provide 46,000 sq ft of office space and will feature a triple skin which will help to reduce heat loss by up to 45 per cent.

Posted by Paul Kelly.