Science lab tower block planned for Canary Wharf as owner looks to reduce its reliance on financial firms
Canary Wharf’s owner plans to build one of Europe’s largest science laboratories.
Canary Wharf Group, which is owned by Qatar’s sovereign wealth fund and real estate firm Brookfield Properties, wants to build an 823,000sq ft, 23-storey tower block to form part of a life sciences quarter in the northern section of the former London Docklands.
The company is looking to reduce its reliance on financial services firms.
Canary Wharf Group wants to build an 823,000-square-foot, 23-storey tower block to form part of a life sciences quarter in the northern part of the former London Docklands.
That area of the capital has been synonymous with finance since the late 1980s.
But its owners have come under pressure to diversify as many of its traditional banking clients have chosen to downsize or relocate following the Covid-19 pandemic, leaving large numbers of offices vacant.
The tower block will be built on an undeveloped site in the docklands area and will cost at least £500million.
The structure is scheduled to be completed in 2026 and there are also plans to connect the site to the Tube network.
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