Wood Wharf deal to provide long-term income for waterways
By: British Waterways
BRITISH Waterways has sold its shares in the Wood Wharf Limited Partnership to Canary Wharf Group plc. The deal will provide the waterways with a capital payment of £52.4 million over the next four years together with an increased ground rent for the next 250 years which, by 2016, will provide £6m of income per annum for waterways maintenance.
Canary Wharf will now take forward the 16.8 acre site which will become a new mixed use development scheme adjacent to the Canary Wharf business and shopping district.
Robin Evans, British Waterways chief executive, comments: “This is a great deal and wonderful news for the waterways. The enhanced ground rent plus the additional income as a consequence of reinvesting the capital payment will generate nearly £10m annual income for the Canal & River Trust. This is a valuable boost for the Trust and is a figure that will grow as Canary Wharf Group develops out the site."
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