HSBC taking extra space at Canary Wharf as firms eye next round of refurbishment work at estate

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Firms staying put or leaving has triggered slew of major fit out jobs at both Docklands site and in City

Banking giant HSBC is taking 11 floors of extra space in Canary Wharf because of a squeeze on space at its new headquarters at St Paul鈥檚.

Canary Wharf Group said the bank had signed a 15 year lease on 40 Bank Street, designed by C茅sar Pelli & Associates and completed in 2003, which amounted to 210,000sq ft. Other companies at the address include Savannah Energy, Saxo Capital and law firm Herbert Smith Freehills.

The bank will move into the 30-storey Bank Street building in 2027 鈥� around the same time it moves into its St Paul鈥檚 office in the City which has been built by Mace and is currently being fitted out by Overbury.

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The 30-storey 40 Bank Street building (left) was completed in 2003

The news is a tonic for Canary Wharf Group which has seen several high-profile names announce they are planning to move out of the estate, with law firm Clifford Chance due to move to Great Portland Estates鈥� 2 Aldermanbury Square project in 2028. The job is set to be finished by Bovis at the end of this year.

Canary Wharf Group chief executive Shobi Khan said: 鈥淲e are thrilled HSBC will continue to be a part of the extraordinary environment at Canary Wharf. This letting reflects the enduring appeal of our mixed-use neighbourhood where commerce, community and culture thrive.鈥�

HSBC鈥檚 moves have been triggered by its decision to move out of its main London office at 8 Canada Square in 2027.

Last year, KPF won a competition to repurpose the 45-storey block beating Fosters, the practice behind the original design, construction work on which completed in 2002.

HSBC chief operating officer Suzy White said: 鈥淲e are delighted to be retaining a presence in Canary Wharf. Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital and remains a key element of our business continuity strategy. The new space in Canary Wharf will be a great addition to our real estate portfolio.鈥�

Several buildings at the Canary Wharf estate are undergoing a revamp with Overbury carrying out a huge scheme at Citigroup鈥檚 42-storey tower at 25 Canada Square.

The price is set to hit 拢1bn by the time it is completed next year, making it the firm鈥檚 biggest ever project. The tower, also designed by C茅sar Pelli & Associates, was completed in 2002.

Meanwhile, tenders are due out in the next few weeks for the next major refurbishment in Canary Wharf with Morgan Stanley looking at overhauling its office at 20 Bank Street.

It has been at the site for more than 20 years with the 14-storey block, designed by SOM, completed by Canary Wharf Contractors in 2003. Overbury, Structure Tone, which has taken over ISG鈥檚 job at the Google building in King鈥檚 Cross, and Mace are all expected to bid the job which is thought to be worth around 拢350m.