Canary Wharf Group (CWG) has unveiled ambitious plans to reimagine the iconic HSBC tower, a 42-storey office block in London's financial district, into a mixed-use building. The redevelopment will include carving out sections of the tower's facade to create terraces, as well as incorporating leisure facilities and a public viewing gallery.
The project, proposed by the US architecture firm Kohn Pedersen Fox, is expected to be the largest-ever conversion of an office tower into a mixed-use space, with completion estimated for 2030. CWG, which manages the building on behalf of the Qatar Investment Authority (QIA), plans to retain some office space while adding leisure, entertainment, and cultural attractions. The building will be divided into distinct sections for easier leasing.
This move reflects a broader trend in the office property market, which has been impacted by increased remote work and companies reducing their office footprints. HSBC itself is relocating to a smaller headquarters and reducing its office space by 40%. However, Canary Wharf has seen a surge in non-professional visitors, with a record 67 million people visiting last year.
While the redevelopment's exact cost remains unclear, estimates range from £400m to £800m. The project is expected to further enhance Canary Wharf's appeal as a vibrant mixed-use neighborhood, offering a diverse range of amenities and attractions.
