HSBC tower in Canary Wharf to become multi-use green asset

The 45-storey HSBC tower in London’s Canary Wharf is set to be transformed into a multi-use green building which will be one of the world’s biggest redevelopment projects.

QIA, the Qatari sovereign wealth fund that owns the building, and the Canary Wharf Group as development partner have announced a plan to carve out large sections of the tower’s façade to create terraces, green spaces and a viewing gallery at the top, which would be the first public viewpoint in the area.

The revamped building, they say, will “include best-in-class workspaces, leisure, entertainment, education, and cultural attractions.”

The tower at 8 Canada Square has been the headquarters of HSBC since it was completed in 2002, but the bank announced last year that it will vacate the building before its lease expires in 2027. HSBC is reducing its office space by 40% and moving to smaller headquarters near St Paul’s Cathedral in the City.

Canary Wharf Group (CWG) said it would be the largest-ever conversion of an office tower into a mixed-use building. The revamp, which has been designed by the US architecture firm Kohn Pedersen Fox, will be completed by about 2030 and is expected to cost between £400 million and £800 million. QIA had acquired the property from the National Pension Service of South Korea in 2014 for £1.1 billion.

“We look forward to delivering a building of outstanding design, engineering and sustainability standards,” said Shobi Kahn, chief executive, CWG. “This redevelopment is another step in Canary Wharf’s evolution into a vibrant mixed-use neighbourhood offering workspace, retail, homes, leisure and amenities all in one location, a true 15-minute city.”

Canary Wharf has reacted to the pandemic-fuelled shift towards home working and to rising vacancy rates by changing its image as London’s second financial centre, adding more residential units, retail, restaurant and bars and green spaces.

The group also opened up to new sectors like life sciences and organised free family events, open-air film screenings and music and theatre festivals. Last year 65 million people visited the district, a record number.

CWG has applied for planning permission for the project, which would begin in 2027 when HSBC’s lease comes to an end. The redevelopment will be a milestone in contemporary architecture, said Elie Gamburg, design principal, Kohn Pedersen Fox, as it will “reimagine the single-use office building as a blueprint for the highly sustainable, mixed-use building of the future.”