JPMorgan Chase has chosen Tower Hamlets as the site for its new three million square foot office, a decision that is expected to deliver thousands of jobs and transform the local economy.
The council says it actively promoted the borough to the banking group and wrote to chancellor Rachel Reeves, housing secretary Steve Reed and transport secretary Heidi Alexander to underline its suitability for investment.
Lutfur Rahman, executive mayor of Tower Hamlets, said: “I am proud of the success of Canary Wharf which is creating investment and job opportunities for local residents and boosting the ecosystem around local businesses.
“This announcement from JP Morgan Chase is fantastic and welcome news for the long-term prosperity of our borough.
“We are excited by the opportunity that this investment can bring including the creation of a new world class park on the River Thames and the shared space for our community, Londoners and visitors to our city to enjoy.
“We did everything we could to encourage them to come to Canary Wharf.”
Plans for the site include new public parkland, improvements to Canary Wharf’s dock area, and better access to the riverside area.
Final approval is subject to planning permission, the council said.
The completed headquarters will have capacity for up to 12,000 workers.
The council views the development as an opportunity to create new career pathways for young people, with around 7,800 jobs expected to be generated across construction and related industries.
The development is projected to deliver an estimated £9.9 billion boost to the local economy over a six-year period.
Steve Halsey, chief executive of Tower Hamlets Council, said: “This is a major coup for Tower Hamlets and UK plc.
“While we have some of the most ambitious housing targets in the country for our residents, we also look outwards to secure international investment into our borough and in turn London and the UK as a whole.”
