Songbird Estates, the company that controls east London’s Canary Wharf, plans to build more homes in the financial district to take advantage of a “widely anticipated shortage” in the UK capital.
Canary Wharf Group, in which Songbird has a 69 percent stake, has an 11 million square foot (1m sqm) development pipeline that may result in GBP£200m (US$267 million) of profits for Canary Wharf, Harm Meijer, an analyst at JPMorgan Chase & Co, said in a note.
Canary Wharf’s plans may be changed to allow more housing at its Wood Wharf, Heron Quays West and Newfoundland sites, Songbird said. Canary Wharf’s joint venture to redevelop most of Royal Dutch Shell’s London headquarters near Waterloo station will also include homes. The average value of a London home rose 1.3 percent to 455,159 pounds this month, Rightmove said in a report released March 19.
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