Last November JP Morgan Chase announced plans to build Britain’s biggest office block in Canary Wharf. Now, the bank – one of the largest on Wall Street – has reached an agreement with London City Airport to go ahead with the project.
Costing a staggering £3 billion, the tower will serve as JP Morgan’s UK headquarters and will also be one of the largest buildings in Europe. It’s set to provide a workspace for 12,000 employees and will be a three million square-foot (280,000 square-metre) skyscraper. The most expensive office building in London, it’ll be the bank’s biggest pad across Europe, the Middle East and Africa.
The bank had to consult with London City Airport because the proposed building will be four miles from the airport. The tower will sit in the airport’s ‘area of interest’ – a six-mile radius in which new developments are subject to scrutiny for obvious safety reasons.
One Canada Square is currently the tallest building in Canary Wharf; JP Morgan's new big lad will stand around 30 metres taller. The bank is reportedly in the final stages of its design process and is set to apply for planning permission. A render, created with architects Foster + Partners, was revealed back in November (see the pic up top).
It’s been estimated that the new building will create almost 8,000 construction jobs and add approximately £10bn to the UK economy over six years. The construction itself is expected to take around six years.
Back in November, JP Morgan Chase chief executive Jamie Dimon said: ‘London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy.
‘This building will represent our lasting commitment to the city, the UK, our clients and our people. The UK Government’s priority of economic growth has been a critical factor in helping us make this decision.’
The plan was announced a day after the UK Budget, with Chancellor Rachel Reeves calling the move a ‘multi-billion pound vote of confidence in the UK economy’. Speaking to BBC Radio 4’s Today programme, she added: ‘Companies can invest anywhere – they are choosing Britain because they like what they heard in the Budget.’
All in all, it’s good news for London skyscraper enthusiasts, but a bitter blow for poor old One Canada Square.
Psst! Have you heard that London’s legendary Billingsgate market is being turned into a new neighbourhood with 10,000 homes?
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