The London Daily News

By Paula Planelles Manzanaro
Property News Correspondent

An impressive regeneration plan takes its next step in Canary Wharf this year. Canary Wharf Group will take control of the 4.8 million square feet Wood Wharf site, paying £90m to buy out Ballymore and British Waterways. It is an expansion plan which will increase a third the size of the place and will bring an extra 20,000 jobs.

Nearly 100,000 people, between those who work in the offices, bars, restaurants and cater to visitors, work nowadays in the area, a figure that will be the double by 2025, according to a report by The Independent.  The article informs that with the expansion deal, set up yesterday, an additional 20,000 jobs will be created.
Canary Wharf Group has developed more than 15 million sq ft on offices in the last 20 years, according to the report. Now, the group will earmark 1.5 million square feet for hundreds of new flats across six buildings at Wood Wharf.

This will mean the incorporation of new brands moving to the area, such as JP-Morgan, which will be located in the collapsed Lehman Brothers in Bank Street.

Anthony Dug, a partner at Drivers, describes the improvements that the regeneration plan will bring, saying that “You’ve got great transport down there, the buildings are of a very high quality, and the area has now got quite a good social scene. It’s not just a tower in the middle of a wasteland”.