Life sciences developers step up Canary Wharf presence
When HSBC officially confirmed that it would be leaving London’s Canary Wharf by 2027, it rubber-stamped the view that the CBD is losing its appeal among its traditional tenant base.
Last year, legal giant Clifford Chance also said it would be leaving the beleaguered office district, where companies have taken up too much space in what has become an isolated location in the new hybrid working world of office employment.
Alternative use for the area is rapidly increasing, however, with life sciences emerging as one of the main repurposing avenues favoured by developers at present.
In July, Canary Wharf Group and Kadans Science Partner secured planning approval from the local Tower Hamlets Council for the development of a state-of-the-art commercial health and life sciences building.
The two companies claim that the 23-storey, 823,000-square-foot (76,460-square-metre) tower will set a new benchmark in the development of life sciences laboratories and work