Citibank to build in Docklands
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Canary Wharf claimed another scalp in its long-running battle to poach financial institutions from their traditional stamping ground in the City. Citibank said yesterday it was to build a 500,000 sq ft headquarters building in the Docklands office complex, joining BZW and Morgan Stanley, who have already made the move.
Citibank had previously indicated it was considering a move to a site on the south bank of the River Thames near London Bridge. It is understood the bank pulled out of those negotiations because of fears that environment secretary John Gummer would sit on any planning application due to the sensitivity of the riverside site.
Negotiations with Canary Wharf, which is thought to have offered a price advantage over the London Bridge option, are expected to continue until October. No precise terms were given for the deal, in which the US's second-largest bank will move 2,500 of its employees from its scattered London sites.
The move is the latest success for the Docklands office development which collapsed into receivership four years ago but which now claims 80 per cent occupancy of the 4.5 million sq ft of space that was completed before the property slump ended the 13 million sq ft project. The proposed Citibank office tower is the first meaningful new building to be erected in the scheme since its original developers, the Reichmann brothers from Canada, bought it back from the receivers. Building of the tower is expected to be completed within three years, by which time the Jubilee Line extension will be complete.
The tube link with the rest of London is being seen as the key development for the scheme.
Selwyn Jones, property analyst at Credit Lyonnais, said the London financial community could accommodate the City and Canary Wharf.
Comment, page 19
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments