A 75-storey development in Canary Wharf is set to become the tallest residential building in Europe.
At 242m, the development will be 42m higher than the Intempo building in Bendirom, Spain, which is currently the tallest residential building in Europe. It will also stand 7m higher than One Canada Square, which is currently the tallest building in Canary Wharf.
The site at West India Dock Quay has been purchased by Irish developer Ryan Corporation UK Ltd for £100m and marks the company’s first investment in Central London.
The company plans to spend £300m on the build, which they estimate will be worth over £1bn when complete.
The development will total 500,000 square feet and include 714 homes, which are expected to retail at £1,600 per square foot when completed.
Richard Berridge, chief operating officer of Ryan Corporation, said: “We’re at a moment in time when residential is something that is very popular in London and we came across a project which we thought was incredibly exciting and in an area where we think has a lot of growth.”
The site currently has planning permission for a 242m construction of mixed residential and office space, including a hotel, which was granted to previous owners Commercial Estates Group. It is due to be completed in 2018.
England’s tallest residential building is Beetham Tower in Manchester, which stands at 169m.
The tallest building in England is currently the 169m Beetham Tower in Manchester.