Canary Wharf is in negotiations with the London Borough of Tower Hamlets over how much it should pay in order to begin the next phase of development on its Docklands estate.
The Docklands developer is looking to build two new towers, as high as the existing HSBC tower, on adjoining sites at Riverside South and North Quay. Designed by the Richard Rogers Partnership, the towers will comprise 4m sq ft of mainly office space.
A separate development, designed by Cesar Pelli, will provide three large units on the other side of the estate.
Local pressure groups are understood to want Canary Wharf to pay £140m in order to proceed with the development.
Canary Wharf believes that the sum should be around a fifth of that, arguing that the £90m it pledged towards the Jubilee Line last year should be taken into account.
Source: Freeman News / The Times