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(Bloomberg) — The Qatar Investment Authority is planning a radical overhaul of HSBC Holdings Plc’s Canary Wharf headquarters, a key pillar in its efforts to reinvent the east London financial district.
The sovereign wealth fund has released renderings of early plans that have been worked up by architect Kohn Pedersen Fox, which is working with its development partner Canary Wharf Group. The plans include transforming the monolithic office tower into a mix of uses including workspace, leisure, entertainment, education and cultural attractions, according to a statement Thursday.
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The plans are indicative of the years-long efforts that Qatar and Brookfield have embarked on to shift the area from one that’s dependent on offices rented to financial services companies, a sector that’s shrunk significantly in London since the financial crisis and that left it feeling deserted outside of office hours. They’ve built the area’s first homes and focused more on cultural and entertainment activities, efforts that have increased foot traffic to record highs, particularly in evenings and on weekends.
“This redevelopment is another step in Canary Wharf’s evolution into a vibrant mixed-use neighborhood offering workspace, retail, homes, leisure and amenities all in one location – a true 15-minute city,” Canary Wharf Group Chief Executive Officer Shobi Khan said.
The images show a building that’s been carved up into five main sections, creating a series of terraces providing green and open space, as well as a viewing area that will be open to the public. It also envisages opening up a publicly accessible route through the lower part of the building, connecting the Elizabeth line station to Canada Square Park. Each section, or neighbourhood, will have its own access and unique features, with an emphasis on flexibility.
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HSBC is due to vacate the building in 2027 for a new, smaller headquarters close to St Paul’s Cathedral in the historic City of London financial district. QIA, which owns 8 Canada Square seperately from its joint investment in Canary Wharf Group with Brookfield, will submit a planning application for the project with a view to starting work once HSBC has vacated.
The vast towers of Canary Wharf have been particularly vulnerable to shifting demand patterns in London’s office market, where rising environmental requirements have combined with a post-pandemic focus on the best connected buildings with the highest quality amenities. The cost of upgrading the glass and steel structures, the challenge of persuading people the area is more vibrant than its historic reputation and a slew of planned departures by companies returning to central London have weighed heavily on values in the area.
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