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One neat potential solution to a tricky problem: The UK clean technology research centre proposed by the state of Qatar could become the ideal tenant for its own 1.1M SF Canary Wharf office tower, set to become vacant in 2027.
That was an idea raised by Canary Wharf Group Managing Director Richard Archer at Bisnow’s UK Life Sciences Winter Forecast last week, held at Canary Wharf’s 20 Water Street lab and office building.
Asked whether large existing office blocks at Canary Wharf could be converted to life sciences use when office occupiers leave, Archer confirmed it was one of several uses being examined, along with hotels, serviced apartments and build-to-rent. What's more, he said, one of the biggest office blocks on the estate already has an owner with an obvious alternative use for it.
Canary Wharf Group is owned by a 50-50 joint venture between the Qatar Investment Authority and Brookfield Property Partners, with a portfolio valued at £7.6B at the end of June this year.
The QIA also outright owns 8 Canada Square, commonly known as the HSBC tower, which it bought for £1.1B in 2014.
Earlier this year HSBC announced it intended to leave the building before its lease runs out in 2027 and is heading to a new 556K SF building near St. Paul’s in the City of London.
But, as Archer mentioned, the state's nonprofit arm, the Qatar Foundation, announced in September it was looking to establish a clean tech campus in the UK. The foundation was looking to invest £4B over a 20-year period, including £1.5B into funding early stage companies.
It was reported at the time that sites in the UK life sciences golden triangle of Oxford, Cambridge and London were being examined. The QIA-owned building in Canary Wharf needs to be retrofitted and find a tenant, but it is emerging as a potential option.
Such a move would give a boost to Canary Wharf’s ambitions to reposition the east London estate as a life sciences hub as well as an office location and growing BTR destination.
“Of course, 8 Canada Square is owned by Qatari, and obviously, it’s been in the press that the Qatari Foundation is looking at a clean tech sector requirement,” Archer told the audience of more than 250 at the event. “The opportunity to bring those sorts of people into a building like that would be interesting for Canary Wharf and the estate.”
Genomics England has moved its HQ to Canary Wharf, as well as converting parts of 20 Water Street to lab space. Canary Wharf has teamed up with Kadans Science Partner to build an 823K SF life sciences lab and office tower.
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