An Irish developer is reviving plans to build Europe’s tallest residential tower in London’s Canary Wharf financial district, after it bought the stalled site for £100 million.
The site, which sits on Canary Wharf’s north-west corner, was sold by Commercial Estates Group, which had permission to build a 242 metre tall building containing offices, homes and a hotel called the Columbus Tower. It put the plans under review in 2011 citing the changing economic climate.
Ryan Corporation (UK) Limited said the 75-storey tower would be renamed the Herstmere, and would contain more than 500,000 square feet of luxury residential space or 714 homes.
It expects the site to be worth more than £850 million upon its 2018 completion.
“We’re at a moment in time when residential is something that is very popular in London and we came across a project which we thought was incredibly exciting and in an area where we think has a lot of growth,” Richard Berridge, chief operating officer for Ryan Corporation, told Reuters.
The privately-held, London-based company is headed by Irish property investor Thomas Ryan.
Read more: Irish developer revives plans for Europe's tallest residential tower - Property News | Irish Construction & Property Market | The Irish T - Fri, Nov 15, 2013
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