Canary Wharf Group makes £84m affordable housing deal

Canary Wharf Group has forward sold 294 affordable-rent homes in its Wood Wharf development to CBRE IM’s UK Affordable Housing Fund for £84m. The specialist fund is acquiring the homes ahead of the development’s completion in 2027. They will be managed by Pinnacle Group and CBRE IM. Wood Wharf is set to include a 1,308-home private build-to-rent scheme as well as affordable housing. CWG predicts that once complete the 23-acre development will see the residential community at Canary Wharf, which currently stands at 3,500 people, double in size. In October 2023, Brookfield and the Qatar Investment Authority invested £400m in Canary Wharf Group to help further its development pipeline and complete its strategic repositioning from a global financial hub into a mixed-use neighbourhood. It will offer waterside living with access to green spaces, shopping, work and leisure, including open water swimming, fairground-themed activity bar Fairgame, electric go karting, and padel club Padium. It will also feature restaurants, including Dishoom, Hawksmoor, Mallow and Fish Game. John Mulqueen, chief investment officer at CWG, said it plans to “work with CBRE IM to create high quality, affordable homes at Canary Wharf for the benefit of the local community”. Andrew Davey, head of liability matching solutions and affordable housing at CBRE IM, said that the scheme would “deliver on the fund’s objectives to make a positive social impact and achieve our investor’s financial goals”. Knight Frank acted for CWG. See occupational sale comparables for Canary Wharf >> Image © Canary Wharf Group