Plans to build tallest residential tower at Canary Wharf

A London developer plans to build the tallest residential tower in the U.K. on a site in the city’s Canary Wharf area.

Bloomberg reports that Ryan Corporation U.K. paid $160m for the site of the proposed skyscraper, the closely held company said Thursday in an e-mailed statement.

The 242-meter (794-foot) high tower would be the tallest in London’s second-largest financial district and the apartments would have a total value of more than $1.6bn when it opens in 2018.

'Londoners are used to office buildings going up and coming down every 20 years or so', Richard Berridge, chief operating officer of Ryan Corporation, said in the statement. 'This doesn’t happen with residential towers' as they need to be 'more enduring', he said.

Ryan has planning permission for a mixed-use development on the site of about an acre, according to the statement. Ryan will apply to the local government for permission to build the residential tower, named Herstmere, at West India Dock Quay.

To access the complete Bloomberg article hit the link below:

London's Canary Wharf to Get Tallest U.K Residential Tower

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image: © Keith Laverack

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