Canary Wharf Group has attained planning permission for the development of 1 Bank Street and outline planning permission for 1 Park Place in East London.

The construction of the new properties in the developer’s docklands’ site has been designed by Kohn Pederson Fox and will see 1 Bank Street developed into a 700,000 sq ft building with 27 storeys which will house three levels of trading floors and shops at ground level and in addition new public access will be created via a public promenade along the South Dock.

Enabling work has already commenced at the site ahead of construction which is set to start later in 2015.

A 25 year lease has already been agreed for 280,000 sq ft of 1 Bank Street by banking firm Société Générale, which will occupy the ground floor through to the seventh floor of the building from summer 2019.

Outline planning permission was granted for 1 Park Place by The Strategic Planning Committee at Tower Hamlets, this scheme includes a 31 storey office block which will be constructed on the vacant site next to West India Middle Dock and which will include 1m sq ft of floorspace.

The building at 1 Park Place is designed by Squires & Partners but there aren’t any plans to immediately construct this building which will be located next to CWG’s proposed Diamond Tower residential skyscraper as well as the new 185m tower at Herons Quay West.

The redevelopment of East London is a key boon to the construction industry which is seeing the creation of a large number of construction jobs and is dramatically increasing demand in the UK for construction supplies and building products.