By Nikki De Guzman:
The plan to build a 784ft skyscraper (pictured) on Canary Wharf is set to be approved by the Tower Hamlets council today. Touted as a “town in a tower”, the 75-storey building will have 822 residential units in an effort to address London’s chronic housing shortage.
It will also have a gym, retail shops, a roof terrace, as well as play and party areas. These facilities will be split between “amenity floors” located on level 27 and 56 to offset a dearth in outdoor space for the residents.
Designed by renowned architectural practice Squire & Partners, the skyscraper will become the second highest building in the UK, behind the 1,016 ft Shard. It will be developed by Chalegrove Properties on the site of an old pub.
Council officials supported the project provided the developer contribute £4.2million (S$8.26 million) to community services. Apart from that, nearly 40 percent of the residential units must be set aside for low-income buyers.
Moreover, London Mayor Boris Johnson wrote recently that the shortfall in low-cost housing is “perhaps the gravest crisis the city faces”.
Entitled “Ambitions for London”, the paper he wrote discussed the future of the capital and urged the government to lift the restrictions on council borrowing so that they can build more houses.
He also calculated that London needs to build another 1 million homes by mid-2030s in order to cope with its growing population.
“Already 70 percent of businesses say that the cost of housing in London is a major barrier to growth. To address this crisis we need to act urgently and boldly,” added Johnson.
Image source: Chalegrove Properties.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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