Qatar wealth fund revises London HSBC tower plans amid office demand rebound
Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), is revising plans for its HSBC skyscraper in Canary Wharf to retain more office space.
The 45-storey tower, purchased by QIA in 2014 for £1.1 billion ($1.44 billion), was initially planned for a mixed-use redevelopment including leisure, entertainment, and educational facilities. Now, up to 80% of the building may remain as offices following a global rebound in office demand as companies encourage a return to physical workplaces, News.Az reports, citing Reuters.
The revised plan is also expected to reduce project costs, while retaining the exterior design proposed last July. Former Canary Wharf Group chairman George Iacobescu has been brought on as an adviser to help manage QIA’s UK assets and improve sustainability credentials.
HSBC is scheduled to leave the building in 2027. The plan remains subject to change depending on future office tenant demand.
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