Science lab planned for Canary Wharf as owner eyes the future
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Science lab tower planned for Canary Wharf as owner seeks to reduce reliance on financial firms
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Canary Wharf’s owner plans to build one of Europe’s largest science laboratories.
Canary Wharf Group, which is owned by Qatari sovereign wealth fund and real estate company Brookfield Properties, wants to build an 80,000 square meter, 23-storey tower as part of a life sciences district in the northern part of the former London Docklands.
The company is trying to reduce its dependence on financial services companies.
Canary Wharf Group wants to build an 80,000 square meter, 23 storey tower to form part of a life sciences district in the northern part of the former London Docklands.
That part of the capital has been synonymous with finance since the late 1980s.
But the owners are under pressure to diversify as many of its traditional banking clients have opted to downsize or relocate following the Covid-19 pandemic, leaving large numbers of offices vacant.
The tower block will be built on a vacant lot in the harbor area and will cost at least £500 million.
The construction is scheduled to be completed in 2026 and there are also plans to connect the site to the Tube network.