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Canary Wharf is a large business and shopping development in East London, located in the London Borough of Tower Hamlets, centred on the old West India Docks in the London Docklands.

Rivalling London's traditional financial centre, The Square Mile, Canary Wharf contains the UK's three tallest buildings: One Canada Square (sometimes known as the Canary Wharf Tower) at 235.1 m (774 ft); followed by 8 Canada Square and the Citigroup Centre, both at 199.5 m (654 ft).^[1] However, according to the official Canary Wharf website,^[2][3][4] One Canada Square is 800 ft (244 m).

History

Canary Wharf is built on the site of the West India Docks on the Isle of Dogs. From 1802, the area was one of the busiest docks in the world. By the 1950s, the port industry began to decline, leading to the docks closing by 1980.^[5]

Canary Wharf itself takes its name from No. 32 berth of the West Wood Quay of the Import Dock. This was built in 1936 for Fruit Lines Ltd, a subsidiary of Fred Olsen Lines for the Mediterranean and Canary Island fruit trade. At their request, the quay and warehouse were given the name Canary Wharf.^[6]

HSBC World Headquarters and One Canada Square, from the western end of West India Quay

The Canary Wharf of today began when Michael von Clemm, former chairman of Credit Suisse First Boston (CSFB), came up with the idea to convert Canary Wharf into a back office. This led to further discussions at CSFB's offices with G Ware Travelstead who wanted it to be front office. He later proposed building the project as part of a consortium led by his own company The Travelstead Group, together with CSFB and Morgan Stanley. However, Travelstead was unable to fund his project^[7]. Olympia & York stepped in and on 17 July 1987 signed the Master Building Agreement to build at Canary Wharf.

Construction of Canary Wharf began in 1988. One Canada Square was topped out in 1990, which became the UK's tallest building and a powerful symbol of the regeneration of Docklands. Upon opening, the London commercial property market had collapsed and Olympia and York Canary Wharf Limited filed for bankruptcy in May 1992.

Local opposition

The idea of a new financial services district was not popular with local residents as the expectation was that the development would provide no local jobs or transport improvements. However, over the course of the development relations with the local community have improved and more than 7,000 local (Tower Hamlets) residents work at Canary Wharf.

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