Eurotunnel eyes Canary Wharf

Eurotunnel is expected to move to Canary Wharf later this year from its prestigious London offices in the Adelphi building near the Strand. The company, which moved to the Adelphi only last Easter is rumoured to be in negotiation to sell its lease to British Gas for almost £900,000.

Neither Eurotunnel nor British Gas would comment. However, it is known that British Gas is to vacate Rivermill House, its headquarters building on the banks of the River Thames near the Tate Gallery. The company has several London premises including offices at Holborn, Rochester Row and Marble Arch and is seeking to cut back to one large office in its continuing drive to cut costs.

Although Eurotunnel has only 60 staff at the Adelphi, the move will be considered a coup for the Canary Wharf development.

It is thought the company will be housed in the main tower and will pay little or no rent for the first two years.

There has also been speculation that Eurotunnel was not required to pay rent for its first year at the Adelphi. Again, Eurotunnel refused comment.

The company has been stepping up its efficiency drive and cutting costs to offset delays in revenue because of unreliable rolling stock and late start-up of services last year.

The Eurotunnel move will be the latest in a series of new tenants for Canary Wharf.

Michael Cassidy profile, page 29