Like most millennials, Canary Wharf was confident and sure of itself in its infancy, went through a period of uncertainty and existential crisis, but in its 30th year has come out the other side and knows what it wants to be once more.
Born in the 80s, Canary Wharf was the new place in London for skyscrapers and a booming business hub. With restrictions on high rise buildings elsewhere, this derelict area of docklands was given a multi-million-pound investment to become THE place for a much-needed finance district. With nearly 100 acres of land to work with, it wasn’t long before some big-name banks showed interest and put their headquarters there. However, this came as a snub for other out-of-towner, Croydon, whose plans to be London’s second business district were overtaken by the launch of the Canary Wharf development. Now, with London showing no signs of slowing down, Croydon has been given some much needed love and is currently undergoing its own transformation.
The name Canary Wharf was a nod to the historical shipping trade that once dominated the area. In fact, the docks in the Isle of Dogs was once the busiest port in the world and at times could have up to 1,000 ships pass through its waters each month. This dwindled and the area became neglected, hence it being the perfect spot to regenerate.
The project massively boosted the economy and some of the largest banks and law firms are still here, but there has definitely been a reduced interest in Canary Wharf since the financial crash. Brexit has also played its part and, until recently, the demand has been minimal.
As an area of work, there is plenty going on. The figures of workers in Canary Wharf was gauged at 7,000 in 1994 and now has well over 100,000. The average salary for someone who resides here is £100,000 so it is no wonder it is seen as an area of decadence along with being business centric.
So, with all this in mind, it seems as if a change is coming. The latest strategy and renovation incorporates over 3,300 new homes in the latest neighbourhood, ‘Wood Wharf’. Housing includes the architecturally appealing One Park Drive, pictured below. This district will contain more shops, restaurants, commercial property and community-based units for the residents. With schools, colleges, a Bupa health centre and a wealth of social commodities, this latest work will add value and a new lease of life to the area. The hope is that Canary Wharf will be seen as somewhere to call home, work and play with everything families and workers could need.
Not only will the redevelopment be a standalone asset, the already impressive transport links are set to improve with the arrival of Crossrail The Wharf’s access to the main city and the rest of London are, and will continue to be, second to none.
In the meantime, there are some new, stunning serviced offices planning to open this year. So, whilst Wood Wharf isn’t going to be ready in its entirety until 2023, you and your business could get in on the action beforehand when prices are still in line with the current landscape. You can currently get some healthy deals on current and brand-new buildings that are due to open their doors in the autumn.
If you would like to know more, please get in touch and we can discuss the latest offerings and pricing for your ideal office in Canary Wharf.