The largest building in London if you compare by floor space is the Shard. It covers an impressive 1.3 million sq/ft, including offices, residences, a hotel, restaurants, bars, and a viewing gallery. However, it could lose this title in the future. Plans by JPMorgan Chase & Co would create a massive new building for the multinational banking giant. We want to take a closer look here, then if you want some help with guaranteed rent in Tower Hamlets, you can rely on us.

Plans

We recently got news that JPMorgan Chase & Co is proposing to build a massive 3 million sq/ft headquarters in Canary Wharf. Tower Hamlets Council had been on the charm offensive to get the US company to agree to build in the area. It seems they’ve been successful, and could mean big changes for the area.

The site for the new development is on the West Bank, a major hub for financial businesses. Critically, it is close to the Underground Station and lots of amenities. JPMorgan Chase and Co already owns the land, purchasing it in 2008. They had plans at the time to develop it, but the global financial crisis led to a rethink.

Because this is the first announcement of the new plans, there aren’t many details to look at. For example, while we know the goal for the amount of floor space, we don’t know how tall the new tower could be. Interestingly though, the height restrictions aren’t as severe in Canary Wharf as they are in the City and other areas in Central London. Plus, the reveal also said the plan is to create new parkland, improve access, and enhance the docks.

The impact

A massive new development like this could have a huge impact on the area and the UK. Crucially, it could inspire other investments. If you commit to residential properties, you can rely on us to arrange guaranteed rent in Tower Hamlets for any needs.

A key thing is the estimate the development will cost £3bn and could contribute nearly £10bn to the UK economy. Notably, the belief is it would support as many as 7,800 jobs, particularly in construction. The new building itself would provide space for 12,000 employees. This would allow consolidation of the offices JPMorgan Chase & Co have in London.

What next?

As we said, this was just the initial announcement of the project. Final approval as always will depend on planning permission from Tower Hamlets Council. An important thing to note is massive developments can take years to plan, including consultations, designs, and getting approval. The saga with 22 Bishopsgate shows how long projects can take; planning took 2 years because of redesigns after objections to different proposals.

The estimate is planning here could also take a long time. There is a lot to do, including studies to explore the impact of the development. Additionally, the expectation is it could take 6 years to complete the construction in the future.

Find out why so many investors like guaranteed rent in Tower Hamlets

There is a lot to think about if you buy homes as investment properties. Crucially, do you want to find tenants and earn a regular income? If so, there are a number of options. One we recommend is guaranteed rent. Working with local councils in London, you can get a reliable income for assets. It ensures financial stability and has fewer risks than being a private landlord.

We’re aware that London is a complex market to understand. There’s a lot to think about, including the areas where people ideally want to live. Tower Hamlets is a popular spot because of its location and the activity at Canary Wharf. It’s in the spotlight for many investors.

So, if you want to look at guaranteed rent in Tower Hamlets, speak to us. We’d love to help.