Wood Wharf sale will boost waterway funds by £52.4m over the next four years
Wood Wharf from the existing Canary Wharf development – photo: Waterway Images
INLAND WATERWAYS: British Waterways (BW) has sold its shares in the Wood Wharf Partnership to Canary Wharf Group plc in a deal that will provide the waterways with a capital payment of £52.4m, writes Harry Arnold.
The £52.4m will be produced over the next four years, together with an increased ground rent for the next 250 years which, by 2016, will provide £6m of income per annum for waterways maintenance.
Canary Wharf will now take forward the 16.8 acre site in London Docklands which will become a new mixed use development scheme adjacent to the Canary Wharf business and shopping district.
“This is a great deal and wonderful news for the waterways,” said BW chief executive, Robin Evans. “The enhanced ground rent plus the additional income as a consequence of reinvesting the capital payment will generate nearly £10m annual income for the Canal & River Trust.”
This is a valuable boost for the trust and is a figure that will grow as Canary Wharf Group develops out the site, he added.
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