Newfoundland on the London skyline. Pic: Canary Wharf Group

Plans for the first residential development in the Canary Wharf financial centre have been approved, with construction expected to begin this summer.

Tower Hamlets council’s planning committee has approved 470,000 square feet for the 58-storey Newfoundland building.

Newfoundland will be made up of a tower and a two-storey building, to be built between Westferry Road and Heron Quay Road. The tower will consist of 556 one, two and three-bedroom apartments, with shops and a health club on the ground floor.

Housing in the Canary Wharf working district has previously been avoided, however the recent growth of the area encouraged the Canary Wharf Group (CWG) to start on residential developments.

CWGs Chairman and Chief Executive Officer, Sir George Iacobescu, said: “The Canary Wharf Estate is a growing community and I am pleased that this resolution has been passed.”

The tower’s diamond shaped was designed specifically to secure the privacy of residents between apartments. Built by Horden Cherry Lee Architects, the building will contrast the buildings around it, but it is expected to fit it with the existing towers and the nearby square.

In addition to the new building, CWG will be providing an additional 280 affordable housing units off-site as part of their on-going policy.

Sir George added: “I firmly believe that Canary Wharf is an attractive place to work and live.”

Work on the residential building is expected to be complete by 2018.