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Canary Wharf

Major business and financial district in London

  • 18 min read
  • 15 chapters

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The district was developed on the site of the former West India Docks in East London. Canary Wharf, together with Heron Quays and Wood Wharf, forms the Canary Wharf Estate, covering around 97 acres (39 ha).

History

West India Dock Company

From 1802 until the late 1980s, the area now known as the Canary Wharf Estate was part of the Isle of Dogs (specifically Millwall) and Poplar. The West India Docks, a central feature of the area, were primarily developed by Robert Milligan (c. 1746–1809), who founded the West India Dock Company.

Port of London Authority

The Port of London Authority was established in 1909 and took control of the West India Dock. The enterprise of Alfred Lewis Jones, a Welsh shipping magnate and a prominent figure in the Canary Islands, Spain, led to a constant stream of ships arriving into London's South Quay Dock. No. 32 berth of West Wood Quay in the Import Dock was built in 1936 with a two-storey transit shed for Fruit Lines Ltd, a subsidiary of Fred Olsen Lines, for the Mediterranean and Canary Islands fruit trade, gaining the name Canary Wharf.

London Docklands Development Corporation

After the 1960s, when cargo became containerised, the port industry began to decline, leading to the closure of all the docks by 1980. After the docks closed in 1980, the British Government adopted policies to stimulate redevelopment of the area, including the creation of the London Docklands Development Corporation (LDDC) in 1981 and the granting of Urban Enterprise Zone status to the Isle of Dogs in 1982.

The Canary Wharf of today began when Michael von Clemm, former chairman of Credit Suisse First Boston (CSFB), came up with the idea to convert Canary Wharf into a back office. Further discussions with G Ware Travelstead led to proposals for a new business district and included the LDDC developing an inexpensive light metro scheme, the Docklands Light Railway, to make use of a large amount of redundant railway infrastructure and to improve access.

The project was sold to the Canadian company Olympia & York and construction began in 1988, master-planned by Skidmore, Owings & Merrill with Yorke Rosenberg Mardall as their UK advisors, and subsequently by Koetter Kim. The first buildings were completed in 1991, including One Canada Square, which became the UK's tallest building at the time and a symbol of the regeneration of Docklands. By the time it opened, the London commercial property market had collapsed, and Olympia and York Canary Wharf Limited filed for bankruptcy in May 1992.

Initially, the City of London saw Canary Wharf as an existential threat. It modified its planning laws to expand the provision of new offices in the City of London, for example, creating offices above railway stations (Blackfriars) and roads (Alban Gate). The resulting oversupply of office space contributed to the failure of the Canary Wharf project.

Canary Wharf Group

In October 1995, an international consortium that included investors such as Alwaleed, bought control of the Canary Wharf Group for $1.2 billion. Paul Reichmann (of Olympia & York) was named chairman, and Canary Wharf went public in 1999. The new company was called Canary Wharf Limited, and later became Canary Wharf Group.

In 1997, some residents living on the Isle of Dogs issued a claim against Canary Wharf Ltd (Hunter v Canary Wharf Ltd) for private nuisance because One Canada Square, owned by the company, interfered with TV signals. However, the residents lost the case.

Recovery in the property market generally, coupled with continuing demand for large floorplate Grade A office space, slowly improved the level of interest. A critical event in the recovery was the much-delayed start of work on the Jubilee Line Extension, which the government wanted ready for the Millennium celebrations.

In March 2004, Canary Wharf Group plc. was taken over by a consortium of investors, backed by its largest shareholder Glick Family Investments and led by Morgan Stanley using a vehicle named Songbird Estates plc.

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