Work on a major new development at the heart of London’s Docklands will start in a matter of months following £200m government funding to Canary Wharf Group, Eric Pickles announced.
The new phase of Canary Wharf (formerly called Wood Wharf) development will deliver 3,500 homes as well as offices, shops and leisure facilities.
The scheme has been planned for more than a decade – but the funding boost will enable work to finally get started.
Under the terms of the deal, the Canary Wharf Group will receive a £200m loan from the government to provide the infrastructure needed to unlock the site to the east of the existing Canary Wharf estate, including the relocation and upgrading of utilities for the site.
The funding will also make it an attractive place to live and work by funding a network of parks and public squares, as well as improved road and pedestrian access.
It will mean work can then get started on delivering 3,500 homes, including 607 affordable homes, as well as 2.8 million square feet of offices, shops and community facilities.
These proposals have already got planning permission, so work will be able to start within months.
Communities Secretary Eric Pickles said:
“London’s Docklands have been completely transformed in the last 20 years into an exciting place to live and work.
“Today’s £200m deal will ensure this continues long into the future with the development of Wood Wharf, delivering thousands of homes as well as job opportunities.”