Canary Wharf

Following the regeneration project, Canary Wharf became a high-density, mixed-use area primarily focused on commercial activities. The development included 1,420,000 sqm of office spaces, which constitutes the majority of the building surface of the area. Additionally, 80,000 sqm were dedicated to retail spaces, which host over 300 shops, restaurants, cafes and other commercial activities. The area also incorporated green spaces covering approximately 150,000 sqm, which were integrated into the urban landscape to enhance the environment and provide public amenities. In addition, the area saw the construction of institutional and public buildings, such as the Wood Wharf Health Centre. Lastly, the ongoing stages of the redevelopment involved also the construction of several residential buildings to host new residents in the area.

The Canary Wharf regeneration project had a profound economic impact for the city, transforming a derelict area into one of London’s primary financial districts. This transformation resulted in the creation of around 112,000 jobs, primarily within the financial and service sectors. The redevelopment attracted important international firms and banks such as HSBC, Barclays, Apple, and KPMG. In addition, the development group created job opportunities during the implementation and following management phases of the project. The initiative stimulated significant private investment, amounting to around USD 10.1 billion, which was instrumental in the development of commercial spaces covering a surface of around 1,500,000. The new district saw the creation of 5 shopping centers with retail shops, restaurants and other commercial activities. Furthermore, the regeneration catalyzed a ripple effect, enhancing the economic profile of the broader Docklands area through increased property values and the attraction of multinational corporations.

The regeneration of Canary Wharf addressed significant challenges associated with the derelict industrial landscape of the Docklands. The regeneration included the remediation of contaminated land and the recovery of 7,600,000 hectares of previously abandoned land. Additionally, the project promoted sustainable urban development through high-density construction, the integration of green spaces, and the enhancement of public transportation infrastructure. The promotion and investment in public infrastructure and transportation significantly contributed to the reduction of the area's carbon footprint, thereby enhancing air quality within the district.

The Canary Wharf project generated several social impacts, particularly in terms of employment and community development. The creation of jobs not only improved the economic conditions of many individuals but also contributed to the stabilization of the local community by offering long-term employment opportunities. Additionally, the development of public spaces and amenities, including retail centers and parks, has enhanced the quality of life in the area, making it a desirable location for both living and working. The inclusion of cultural and recreational facilities further enriched the social bond of the community, with several cultural events and shows hosted in the district. The regeneration of Canary Wharf focused also on improving mobility in the area, investing in the Docklands Light Railway and the Jubilee metro line to improve area accessibility and encouraged the use of public transit. The new transport infrastructure improved the connection of the area with the rest of the city and the airport. In the later stage of the development, Canary Wharf saw the construction of residential buildings in order to create a lively community.

The Canary Wharf regeneration project received different environmental certifications related to several buildings developed in the area. Several new buildings of the Wood Wharf section achieve the BREEAM certification. In particular, two buildings received the BREEAM New Construction Retail Excellent certification, one building received the BREEAM New Construction Office Outstanding certification, one building received the BREEAM New Construction Assembly and Leisure Excellent certification, and the Health Centre received the BREEAM New Construction Healthcare Excellent certification. Besides BREEAM, two new buildings achieved 4 starts rating in the Code for Sustainable Homes certification, and three buildings received the Forest Stewardship Council Project Certificate in 2021.

The regeneration project has been primarily funded by the National Government of the United Kingdom which granted around USD 5.1 billion. The individual development projects have been funded by private resources from private developers.

The financing of the Canary Wharf regeneration project was a complex process involving public and private investments. Public financing came from the National Government of the United Kingdom, which provided around USD 5.1 billion for infrastructure development, with 48% of this amount allocated to the London Docklands Development Corporation, 25% for transportation infrastructures, and 27% for industrial facilities. The London Docklands Development Corporation initiated the project by acquiring the property of the land parcels of the Docklands, merging the property of the entire site. Then, the corporation acquired additional resources from selling the merged land site to private developers, which acquired the property of the land to develop their projects. The private sector investment was significantly higher, amounting to around USD 10.1 billion. These funds were used to establish contracts between private investors and the London Docklands Development Corporation, for developing commercial spaces, office buildings, and supporting infrastructure.

Canary Wharf Group (2023). Sustainability Update 2022. Accessed on 05/04/2024. Available here.

Image from Bit Cloud, retrieved here. Used under Unsplash License.