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British Waterways ('BW') has today named Canary Wharf Group plc ('Canary Wharf') with Ballymore Properties Limited ('Ballymore'), as the preferred partner for the re-development of the Wood Wharf site which is immediately adjacent to the existing Canary Wharf estate. The Masterplan scheme for this development has an estimated end value of £2bn and sets a framework for 5m sq ft of mixed commercial, residential and retail development. Selection as partner for this development is recognition of the planning, development and construction capabilities at Canary Wharf. This is an exciting opportunity to become involved with a significant regeneration project which will create a new residential, retail and office development that, together with Canary Wharf, will expand London's third business district and extend local housing capacity. The project will provide an opportunity for Canary Wharf to become involved in residential developments with premier residential developer, Ballymore. Canary Wharf and Ballymore are also pleased to be able to work together and continue their commitment to the local community. It is envisaged that, reflecting their specialised expertise, Manhattan Loft will also develop a site within the development. Successful tendering for this project validates the long term strategy of the Group of developing new sites in a disciplined but innovative manner which will maximise returns for shareholders. It also emphasises the future development prospects which currently exist at Canary Wharf and which will be realised as future market conditions allow. George Iacobescu, Chief Executive Officer says: "We anticipate starting planning work shortly on transforming this site with unique development prospects which will expand London's fastest growing commercial district and also enhance the residential offering in Tower Hamlets. We are delighted to be working with a high quality partner such as BW and look forward to successful co-operation with BW over the next decade." Peter Anderson, Managing Director of Finance says: "Following the takeover of the Group in 2004, this demonstrates the Group’s continued commitment to generating incremental returns from our unique development skills and our strategy of entering into joint ventures with real estate developers for bespoke development projects to share risk." | |||||||||||||||||||||||
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Enquiries to: John Garwood Group Company Secretary +44 207 418 2312 |
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