The Canary Wharf area of London, which has grown tremendously over the past few years, is still seeing significant growth. This area, once home to a bustling port and docks, is now one of the most desired addresses in the city for both businesses and homeowners. It is home to major international corporations, thousands of residents and hundreds of retail shops and restaurants. Additionally, there are cultural events taking place within the district year round.
Reuters noted that Moody’s planned to consolidate offices from across the city into a Canary Wharf space at One Canada Square. The natural foods supermarket chain Whole Foods Market indicated that Canary Wharf will be the site of its second London location. Reports out of the company’s headquarters indicated that Whole Foods plans to open the store in late 2008. KPMG is moving into its own 400,000 square foot building that recently topped out. This new building is set to be one of the most environmentally responsible developments in the UK when it opens in late 2009 or 2010.
Additionally, several new high-rise towers are in the works and under construction. Riverside South is a development on the western edge of the Canary Wharf area along the Thames River that will be developed for office space primarily with retail on the lower levels. There are two major skyscrapers planned for this project, Tower 1 and Tower 2, with a third, smaller building proposed to connect the two. Groundwork on Tower 1 has begun, with a proposed finish date of late 2010 or 2011. Tower 1 is currently planned to have 45 floors, while Tower 2 will have 34 floors.
In residential developments, there are also several new projects being planned or under way. Canary Reach, on Bow Common Lane along the Limehouse Cut Canal is one new residential property that will make affordable, yet well-appointed, apartments available in this popular area. Located at the northern end of the district, Canary Reach includes 157 studio, one and two bedroom apartments that will have plenty of amenities for owners. Studios begin at £220,000 and one bedroom apartments at £300,000.
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With so much going on in this increasingly popular area of London, it looks as if Canary Wharf will continue to be a hot spot for property investors for the foreseeable future.
