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One Park Place site found near the Westferry circus has been secured by the Canary Wharf Group for £17.5m. After several years of pursuit, Canary Wharf Group was able to pick up the lease from the receivers.

Back in 2007 the property was originally purchased by Bernard McNamara’s Grattan Propertied for £55m. At that that the Tower Hamlets Council granted the group approval of a planning application that outlined a 45 storey shared offices building that would also contain retail and restaurants.

However, the plan never became a reality as McNamara announced to the Irish media that he had debts that had accumulated up to £1.3b after investors won a lawsuit for 62.5m euro. A week later Canary Wharf announced that they were able to purchase the property.

As of this moment, a Canary Wharf spokesman stated that there were not any plans for the site but that they are happy they were able to obtain it for a decent price.

There has not yet been an official statement regarding if the Group will stick to the original design of the area by Horden Cherry Lee, but it is anticipated that Canary Wharf Group will choose to alter the plan a little to provide better access between West India Ave. and the estate.

Chief Executive of the Group, George Iacboescu, stated that after 2011 there will be a lack of prime office space in Central London which will make sites such as One Park Place very desirable to future tenants.

This entry was posted on Monday, January 25th, 2010 at 6:35 am and is filed under Business Affairs, PR, Realty Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.