Huge slices are to be cut out of the HSBC skyscraper in Canary Wharf under plans to turn it into a tourist hub instead of an office block.
A radical redevelopment of the 1.1m sq ft tower, nicknamed the “Tower of Doom” by some HSBC staff, will turn the bank’s sprawling headquarters into a “unique destination” aimed at attracting visitors.
The first images of the building reveal a plan to remove large chunks of the building to create terraces where visitors can enjoy “outstanding views” of London. The lower levels will link directly to the Elizabeth Line.
The overhaul will happen when HSBC leaves in 2027, after the bank decided to end its lease in the era of home working.
Trading floors will be swapped for theatres, restaurants, hotels and shops. Shobi Khan, the chief executive of owner Canary Wharf Group (CWG), said the makeover is part of wider plans to turn the area into a “mixed-use neighbourhood” with everything in one location – “a true 15-minute city”.
The group said that it will submit a planning application to the London Borough of Tower Hamlets to get the development approved.
HSBC said last year that it was ditching its base at 8 Canada Square once its lease runs out and moving to a smaller site near St Paul’s, after the number of staff returning to its office did not recover to its pre-pandemic peak of around 8,000.
The bank was one of several financial services companies to move to Canary Wharf when it opened in 1991, with the tower once Britain’s most expensive block.
But since the pandemic a number of major financial institutions have left the high-rise financial district for smaller offices in the City of London, as a growing number of staff work from home.
“Magic circle” law firm Clifford Chance, law firm Skadden and ratings agency Moody’s are among those to unveil plans to leave the area for the more historic Square Mile.
Some banks choosing to stay are reducing their presence by subletting floors. Earlier this year Blackstone shelved plans to sell a £250m tower in Canary Wharf, while a nearby office once occupied by a casualty of the 2008 banking crisis sold at a £160m discount.
Just over half of the businesses based in Canary Wharf are now in the finance industry, down from 70pc around a decade ago. Its latest annual report revealed that the value of its office portfolio fell from £5.26bn to £4.34bn in 2023.
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