Canary Wharf Group has announced plans to transform the HSBC tower into a mixed-use building after the bank moves out in 2027, reflecting changes in the financial district following the pandemic. The revamp will include creating terraces and a public viewing gallery, making it the largest-ever conversion of an office tower.
The property company, managed by Qatar Investment Authority, aims to reshape the district as working from home reduces office demand. The makeover, expected to be completed by 2030, will include office space, leisure facilities, and cultural attractions. The conversion could cost between £400m and £800m.
The shift in office occupancy at Canary Wharf has dropped to under 85% since the pandemic, with HSBC planning to relocate to a smaller head office near St Paul’s Cathedral. However, non-professional visitors to Canary Wharf have increased, reaching a record 67 million last year.
Canary Wharf’s evolution has been influenced by the wider economy, with construction starting in 1988 under the late property tycoon Paul Reichmann. The district, led by George Iacobescu, has undergone multiple transformations over the years to adapt to changing economic conditions.
In response to the rise in remote working, Canary Wharf’s developers are attempting to create a more vibrant mixed-use neighborhood with retail, housing, and public attractions to attract visitors. The revamp of the HSBC tower signifies a step towards a more sustainable and diverse urban environment.
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