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SG Canary Wharf gets nod for mega devt near London Eye

Property Here - Thursday, May 23, 2013

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By Romesh Navaratnarajah:

The London Borough of Lambeth has granted approval to property company Canary Wharf Group and Qatar’s sovereign-wealth fund to build eight towers near the London Eye on the River Thames.

To be located at the Royal Dutch Shell Plc (RDSA)’s UK headquarters (pictured), the development will comprise 1.2 million sq ft of apartments and offices. The towers will range from five- to 37-storeys high while the building occupied by Shell will remain part of the development.

“We’re very excited about the area, it’s almost the best-kept secret… It’s going to compete with the West End fringe,” said John Pagano, Managing Director of Canary Wharf Group.

The council’s website revealed that around 20 percent of new homes will be set aside for low-income residents and the developers will pay the borough up to £24.5 million (S$46.7 million). But not all of the affordable homes will be erected on the Shell Centre site. 

“The development would give rise to not only additional jobs in the borough, but would also contribute towards strategic objectives for London in its promotion as a world city,” said council officials in a document recommending the planning approval.

Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email