British Waterways apparently wants to see five million sf of commercial space and 1,500 new homes in the euro 3-billion ($3.8-billion) regeneration scheme. The master plan includes proposals for offices, shops and restaurants, about 1,500 homes, a hotel and serviced apartments, and a new canal link and basin.

The development is five times that of the original Canary Wharf estate. It is also the first time in the history of the company that it has developed outside its original estate, the first joint venture it has entered into and the first main development undertaken since the company went private and was renamed Songbird.

A spokesperson for the company notes that Songbird would bid to develop a string of projects across London after beating off competition from British Land, Grosvenor Estate and Stanhope for Wood Wharf.

British Waterways officials said yesterday that the firm would now enter detailed talks with Canary Wharf and Ballymore to establish a new joint venture company for the development. These talks are expected to be completed by March. The project will then need to be signed off by government ministers before it can proceed.