
Canary Wharf • 5352 • London City Airport
to advise on the design of Canary Wharf’s
squaresand streets.As the strategy developed
with the expansion of the estate, care was
taken to endow each open space with its own
distinct character; the contemplative, peaceful
environment of Westferry Circus with its
immaculate lawn and dense shrubbery contrasts
withthehardgranitepaving,waterfountainand
sculptured ventilation drums of Cabot Square,
different again to the green sward of Canada
SquarewithitssummerfestivalsandChristmas
skating and the sylvan enclavesof JubileePark,
ideal for sandwich lunches and summer picnics
awayfromthehustleandbustleofdailybusiness.
Caesar Pelli, architect of Olympia &York’s
World Finance Centre in New York City, was
commissioned to design the centrepiece, One
CanadaSquare,London’srstmodernskyscraper
with50oors.UntiltheopeningofTheShardit
wasthe tallestbuildingin London. (TheHilton
ParkLane,builtin1963,onlyhas28storeys.)
Olympia&Yorkcommitted£100millionfor
theextensionoftheDLRtotheCity.TheCanary
Wharf DLR station was rebuilt, fully integrated
intothemallsbelow.
Despitethecompletionoftherstphasein
1991 the institutions of the City of London were
resistanttochangeandwerereluctanttomove
east. Moreover, just as the rst buildings were
being completed in 1989 and 1990, the British
economywasmovingintoadeeprecession.
InMay1992,followingdifcultieswithsome
of its NorthAmerican investments and in the
context of the worldwide recession, the group’s
UK development company, Olympia & York
CanaryWharfLtd,wentintoadministration.
In1993witha workingpopulationof7,000
people and construction of the Jubilee Line
extension just beginning, a consortium of
banks that were owed£500 million took over
the project and succeeded in bringing it out of
administration.CanaryWharfwasbackontrack.
As the economy recovered and the much
delayedconstructionoftheJubileeLineextension
movedahead,thefortunesofthedevelopment
brightened and in 1995, Paul Reichmann, leading
agroupofinternationalinvestors,acquiredthe
estateoncemore.By1999,withthedevelopment
of the second phase complete, the working
population had increased to 25,000 people and
HSBC had nalised contracts for a 1.1 million
square feet headquarters building. Transport
infrastructure had dramatically improved with
signicantnancialsupportfromCanaryWharf
Group.The CanaryWharf Jubilee Line station
wasduetoopenontheeveoftheMillennium,
and the DLR extension to Lewisham was
complete.InMarch1999CanaryWharfGroup
PlcwasoatedontheLondonStockExchange
to become one of the largest publicly quoted
propertydevelopersintheUK.
At the turn of the century the growth of
Canary Wharf was dramatic. Citigroup and
Clifford Chance agreed to let signicant new
onemillionsquarefeetofbuildingsandMorgan
Stanley and Credit Suisse both signed leases to
extend their existing occupation in new 500,000
square feet of buildings. In 2001 Lehman and
Barclays Bank both agreed to lease separate one
millionsquarefeetofbuildingsastheirEuropean
and global headquarter buildings. By 2002 the
working population had more than doubled to
over55,000.
In September 2008 Lehman Brothers went
into administration sending an earthquake
through the nancial system and the banking
sector in particular.At this time between 70–
80% of occupiers at CanaryWharf werefrom
the nancial sector. Despite difcult market
conditions, in 2010 J. P. Morgan purchased 25
Bank Street in the heart of the Canary Wharf
complex,makingittheirEuropeanheadquarters
in2012.Thisdealpushedtheworkingpopulation
above 100,000 for the rst time. However, as
demand generally stalled, thoughts at Canary
WharfGroupbegantoturntothevariationof
theCanaryWharftenantbase.
Reectingsignicanttenantdiversicationon
the estate, agreement was reached the following
year on a new 20-storey tower to be constructed
at25ChurchillPlace.Initiallyhalfwaslettothe
EuropeanMedicineAgencyandsubsequentlythe
balancelettoEY(ErnstandYounguntil2013),
the accountancy group. Canary Wharf Group
had until then never undertaken residential
developmentbutin2012itacquiredtheWood
Wharf site to the east of Canary Wharf with
potentialforover3,000homes.
Itwasclear fromthe very earlydaysthat
occupants of Canary Wharf would need
muchmorethansomewheretoliveandwork
together in a pleasant and safe environment
– they would want places to eat, shop and
socialise.Inthe earliest daysofdevelopment
there were more market stalls than shops, and
stall-holders would close early as business was
so slow. As the working population started
to grow so did the range of cafés, bars and
restaurants,withaselectionofshopsproviding
essentialservices.
The necessary extension of the ‘retail offer’ was
initially met by the 100% pre-let opening of the
Canada Place Mall in 2000, anchored in 2002 by the
arrivalofthe100,000squarefeetWaitroseFoodand
Homestore.Todaythisremainsthemostsuccessful
store in the Waitrose group which has its best day’s
trading on a Saturday. Transport infrastructure at
CanaryWharfhasimprovedsothatlessthan5%of
peopleworkingatCanaryWharfnowarrivebycar.
There are now over 300 shops, bars and
restaurants at Canary Wharf, which includes the
newElizabethLinestationcomplex,andcovers
almost1millionsquarefeet.Uniquely,itisalllet.
The retail offering has been complemented
by an increasingly ambitious Arts and Events
programme of mainly free exhibitions, concerts,
performances and premier events open to
visitors,residentsandworkersalike.
The shops, bars and restaurants of Canary
Wharf attract people from a much wider
area beyond the estate, across the whole of
East London, and have an annual footfall of
over 43 million with around 100,000 people
regularly visiting at weekends. Canary Wharf
isnowaweek-day, eveningandweekend retail
destination. The public art programme, which
has been a feature of Canary Wharf throughout
itsdevelopment, hasbeen constantlyexpanded
and is now the largest open air corporate art
collection in London, comprising around 70
pieces, all ofwhichareavailable to be enjoyed
freeofchargebyvisitorstotheestate.
Over the years the character of Canary
Wharfhaschanged dramatically. Itsoccupants
havemovedfrombeingaround20%non-nancial
– 80% nancial to today’s approximately 45%
non-nancial–55%nancial
Recent leasing transactions on the estate
reectthisdiversicationwithtechnology,media
and telecommunications leasing transactions now
exceedingbankingandnanceinnumberandsize.
As well as Canary Wharf Group, current
tenants include Bank of New York Mellon,
Moody’s, Euler Hermes, the Medical Defence
Union and Trinity Mirror Group (Daily Mirror,
Sunday Mirror, Sunday People and The Wharf).
Othertowerblocksonthesiteembracethe
one million square feet headquarter buildings
occupiedbyHSBC,CitigroupandBarclays.Anew
715,000squarefeetbuildingalreadypartiallylet
to Société Générale and a 60-storey residential
tower called Newfoundland will also shortly be
addedtothechangingCanaryWharfskyline.
Due to be opened in December 2018, Canary
Wharf railway station on the Elizabeth Line
(Crossrail) will add a direct train to Heathrow
fromthecomplex.DesignedbyFoster+Partners,
its above-ground oors are already open with
retailunits,toppedbyaroofgarden.
In 1980 there was one person employed
full time at Canary Wharf – the security guard
on the dock gate.Today there are more than
115,000 people working on the site which is
morethan in the heyday of the docks. Canary
Wharfhasexpandedtoover16millionsquare
feet of commercial space with ambitious plans
for further growth in an additional 11 million
squarefeetearmarkedfornewdevelopment.
ThefutureofCanaryWharfisassured!
Cabot Place Mall within the Canary Wharf complex.