The continuing regeneration of Canary Wharf from derelict docklands to thriving financial hub is one of London's greatest success stories, and the story is far from over. In the 30 years since development began, this mixed-use estate spanning 97 acres in the Borough of Tower Hamlets has opened up new opportunities for investment in the UK capital – first for multinational businesses and now increasingly for young start-ups and overseas property buyers.
Since 1987, the mission of the Canary Wharf Group has been to create a new city district in East London that was both a great place to work and to live. With over 2,400 homes currently under construction around the district, 20 acres of public parks and squares and more than 300 shops, restaurants and other amenities serving the growing community, that mission is accomplished, but not over.
The opening of London's high-speed Crossrail Elizabeth Line in autumn 2019 (delayed from December 2018) will make Canary Wharf an even more attractive prospect for tenants and landlords. Property prices have already seen above-average growth since Crossrail was announced, and Jones Lang LaSalle (JLL) predicts double-digit price growth once the service is up and running.
With a further 10.5 million square feet of mixed-use development in the future pipeline, including 3,385 homes and more public spaces and amenities, Canary Wharf is on track to become one of the most sought-after addresses in London.
Mature business location
More than 150 major office tenants occupy over 16 million square feet of completed office space in Canary Wharf, among them the global headquarters of HSBC at 8 Canada Square and Barclays Bank at One Churchill Place. Just three miles from the capital's traditional financial center, Canary Wharf has already overtaken the City of London to become the largest financial, legal and media employer in Europe, shifting the city's economy to the East.
More than 120,000 people go to work in Canary Wharf every day, and rising. While finance is the dominant sector, the estate is continuing to diversify, particularly as a hub for design and technology. Almost half (45 percent) of businesses are now non-financial in nature and more than 7,000 tech professionals work full-time in Canary Wharf, thanks partly to initiatives such as the Level39 tech community supporting local innovation.
Growing community
The regeneration of Canary Wharf has had a beneficial economic and social impact on surrounding areas and East London as a whole, creating jobs, improving infrastructure and facilities and helping to establish the East End as a competitive destination not only in London, but on the world stage.
New and existing residents can benefit from a growing array of lifestyle amenities on their doorstep, including 5 shopping malls and 940,000 square feet of retail, dining and leisure space. Local parks and gyms and a year-round events program make Canary Wharf a highly prized residential address, not to mention the convenient transport access to neighboring districts and some of London's finest schools and universities.
Residential developers are meeting the high demand for property in Canary Wharf with high quality developments targeted at professionals and their families. The most striking of these is Landmark Pinnacle by Chalegrove Properties, which occupies a prime location at the western end of South Dock and will be one of London's tallest residential towers when it completes from 2020. This new landmark will usher in the new wave of developments capitalizing on Crossrail and the continuing success of East London's CBD.