A new skyscraper, set to be the tallest residential building in Europe, is to rise over Canary Wharf’s cluster of office towers in a deal said to signal a shift in the luxury property market towards East London and the Docklands areas.
The tower will rise 7m higher than the 235m skyscraper at One Canada Square, and will have 74 storeys containing 714 apartments, each priced at about £1,000 per square foot.
The Hertsmere Tower is to be built by Irish property investor Tom Ryan, who bought the site for £100m and expects the tower to cost in the region of £1bn.
According to the Financial Times, the estate agents Savills said that the development signalled a shift away from the traditional luxury addresses in West London, such as Mayfair and Knightsbridge, which are usually associated with the very rich, and towards areas like the East Docklands where there is more room to build large scale luxury accommodation.
Savills director Dominic Grace, said to the Financial Times: “The pendulum has swung in favour of East London, Canary Wharf is becoming the truly 21st century part of London because it’s unencumbered by the small period properties prevalent in the rest of the capital; developers can create larger, more international-style buildings.”
Planning permission for the 242-metre tower also includes approval for a mixed use space containing shops, a hotel and offices.
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