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BW sells prime Docklands site for £52.4m

British Waterways and its partners have finally sold a 250-year lease on its valuable Woods Wharf site in Docklands, to the Canary Wharf Group (CGW). BW owns half of the long-disused site, which has been planned for development for several years. The deal is worth £52.4m in cash to BW, along with £6m a year in ground rent. 

Less well noted in the public announcement is that the Ballymore property group, which owns 25%, is being paid £38m for its share.

CGW chairman Sir George Iacobescu said they had bought the site because BW “did not have the desire to take the project forward at the pace we wanted”.

The new Wood Wharf is being designed by Richard Rogers, and CGW says it will change the character of Canary Wharf, bringing in 1,600 homes, as well as an open-air market, hotel and health centre. A key part of the site’s value is the now-excellent transport links, and the first tenants should be moving in by the time Crossrail is completed in 2018. 

Thursday 19 January  | Andrew Denny  | 12.39pm, Thursday 19 January 2012

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