Canary Wharf Pre Lets 15 Canada Square

Canary Wharf Pre Lets 15 Canada Square

Canary Wharf owners Songbird Plc have effectively sold one of the few remaining unbuilt buildings on the original estate area to KMPG in a 999 year long lease at 15 Canada Square.

The site has a 15 floor building approved for it but not yet built that when finished will contain 55,000 square metres of space. The agreement includes an undertaking by Canary Wharf to build the approved SOM designed building and have it ready for occupation by April 2009.

KPMG aren't just after the typical glass box that has filled up the Canary Wharf area, they have put in their specifications that the building should be the most environmentally efficient on the estate.

The site occupies an area between the HSBC and Barclays Bank towers in Canary Wharf and as almost pre-let by the failed American energy Enron, shortly before its collapse as their new European headquarters.

With this now taken it leaves few letting opportunities for potential tenants moving to the Wharf or expanding their space there, only the small 10 Churchill Place with a mere 23,000 square metres of space is left.

There are already reports of some companies unable to expand their operations at Canary Wharf as much as they'd like and with the options of office space there running out there seems little by the way of immediate solutions thanks to the Canary Wharf owners, Songbird, who have failed to build extra space speculatively worried they could be stung with an excess as happened in the last office cycle.

Wood Wharf is still some way away with only the master-plan approved, and Riverside South would require a massive pre-let unless Canary Wharf want to build it speculatively which with the ever improving market conditions is their only way of increasing space further and may prove to be an appealing option if they do want to cater to demand.

When set in context Ballymores recent moves with Arrowhead Quay seem to start to make sense opening the question of whether the next available office space in Docklands will be at Canary Wharf.

Even with this there is still the issue of immediately available space. Firms could ironically be forced to look back to the City to solve that problem.

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The 111 metre tall Arrowhead Quay designed by Skidmore Owings & Merrill was originally floated back in 2001 and has been approved for over 5 years now by Tower Hamlets. This makes it very much a product of its time and the requirements and planning environment have both moved on a bit since.

Sitting on South Quay in Docklands just over the water from Canary Wharf the project is something of a rarity these days of a tall office building in an area where developers are gradually switching to increasing amounts of residential accommodation. Ballymore did dabble with this previously for this site but it appears they will be sticking to a single office building.

The current design of Arrowhead Quay is basically a typical glassy corporate box in the polished style that SOM do best in the International Style that compliments the nearby office buildings on Heron Quays.

As well as offering 45,000 square metres it will give occupants quality relaxation areas in the form of triple height atriums creating airy spaces within the building.

One possible thing that can be redone is the height of the existing building which at 25 floors is capped to the height limits imposed on the area by Tower Hamlets in their Millennium Quarter plan. These limits have become guidelines as developers, namely Ballymore themselves, have gradually pushed further and further with repeated planning applications.





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