British Waterways plans Â£2bn development to dwarf Wharf
Sunday 15 February 2004
British Waterways will outline plans today for a £2bn commercial property development in London Docklands to rival Canary Wharf.
The Government agency will launch a nine-month search for a partner to develop a 20-acre site east of Canary Wharf.
British Waterways hopes to build a mixture of offices, shops, houses and a hotel, which it estimates will be worth £2bn when complete. This is £400m more than the current value of Canary Wharf Group, the quoted company which is subject to a bid battle.
British Waterways' proposed development is part of a strategy to unlock the value tied up in its huge land portfolio. However, the Docklands initiative will be bigger than anything the agency has attempted before and, when complete, would double the value of its property portfolio.
Stuart Mills, the commercial property manager at British Waterways, said: "We are likely to form a consortium with a funder, a developer and a residential partner. We need someone to inject equity into the project and raise debt."
British Waterways is likely to retain a 50 per cent stake in the completed development. Companies expected to express an interest include Land Securities, British Land and Prudential. There is a question mark over Canary Wharf Group, given that it is subject to a takeover battle between US investment bank Morgan Stanley and Canadian property group Brascan. But Mr Mills said: "I'd be surprised if they didn't express an interest."
British Waterways is expected to submit a planning application for the site, named Wood Wharf, early next year. Mr Mills said that British Waterways would not develop the site without a pre-lease from a tenant.
Meanwhile, Morgan Stanley is expected to increase its offer for Canary Wharf this week, trumping Brascan's bid of 275p-a-share.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 Watch: Man takes selfie every mile of 2,600 mile hike, creates amazing timelapse video
- 4 The day I starred in Only Fools and Horses
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings plane crash: Co-pilot Andreas Lubitz 'sought treatment for eyesight problems'
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Yemen crisis: Saudi Arabia ready for long campaign against Houthi rebels across the border
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Revealed: Putin's army of pro-Kremlin bloggers
Germanwings plane crash: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...