Developers at Canary Wharf have announced that the district will be shifting its focus to smaller commercial property sites, rather than on large skyscrapers.
A new 20-acre site, named Wood Wharf, will feature apartments, street-level stores and smaller office blocks, according to Songbird Estates, the majority owner of Canary Wharf Group. The new site will be right next to the main estate.
Canary Wharf Group is also looking to move away from the banking sector and focus on developments that will specialise in science and technology. This has especially been the case in the past five years since the global financial crisis hit. One such project is the new area for technological companies on level 39 of the area's tallest office block, One Canada Square.
However, some have argued that this shift may not be enough to fill the empty office space in the area. Investec analyst John Cahill said: "The residential element of Wood Wharf makes perfect sense given strong demand and rising prices in central London. But you'd have thought technology and media companies would prefer the West End. I can't see it being a driver for Songbird in the way it will be for Great Portland, Derwent London and Workspace.”
Canary Wharf is now currently the home of major banks such as Morgan Stanley, JP Morgan and Barclays. Most of these banks have signed onto long contractual leases where the rent they will be paying will increase each year. Other developments by the Group across London include the Walkie Talkie skyscraper in the City financial district, and the redevelopment of the Shell Centre on the south bank of the Thames.
Canary Wharf Group has announced that further details on the Wood Wharf project will be unveiled later this year.