Canary Wharf Group says it may slow down the construction of some buildings on its Wood Wharf development in the aftermath of the vote for Brexit.
The project is the next phase of Canary Wharf, with 1.9m sq ft of commercial office space, more than 3,300 homes and 335,000 sq ft of shops, restaurant and community use, estimated to be completed in 2023.
A Canary Wharf Group spokesman said: “In spite of recent turmoil, Canary Wharf Group is continuing with its development programme, although one or two buildings may be slowed down to ensure that there is no oversupply of product.
“Our commercial buildings will all be offered on a prelet basis to meet demand, which is in line with our commercial strategy over the last 10 years.”
Canary Wharf Group is seeking to develop the new district as a tech campus and the first phase includes two office buildings, D1 and D2, the larger of which will be around 200,000 sq ft, and 1,600 new homes, due to complete in spring 2019.
It sealed an £820m funding deal for Wood Wharf from Lloyds Bank, Barclays, HSBC and Qatar National Bank, in May 2015 shortly after the company’s new owners Brookfield and Qatar Investment Authority bought Canary Wharf Group for £2.6bn. Another £200m came from the Homes & Communities Agency for infrastructure development.
The first residential tower, a 57-storey, 486 flats building designed by Herzog & De Meuron, was granted permission by Tower Hamlets council last July.
Canary Wharf Group seals £820m funding deal
First Wood Wharf tower approved
• To send feedback, email david.lindsell@estatesgazette.com or tweet @DavidLinsellEG or @estatesgazette
