Canary Wharf HSBC Tower to undergo £1 billion mixed-use redevelopment

The Qatar Investment Authority and Canary Wharf Group have submitted proposals to the Tower Hamlets Council to redevelop the 45-storey HSBC Tower in Canary Wharf into a mixed-use complex. The project, estimated to cost between £800 million and £1 billion, aims to transform the building from a single-occupant office space into a multi-functional landmark.

Designed by architects Kohn Pedersen Fox, the redevelopment features a unique structural design nicknamed the ‘Swiss cheese’ building due to planned cutouts in the upper floors that will create staggered, open-air terraces. The top floors are intended to house an entertainment venue, restaurants, and bars within a glass structure called ‘The Cloud’. The middle floors will provide flexible workspace for multiple corporate tenants, while the lower levels will include a 181-room hotel and leisure facilities.

HSBC is expected to vacate the building as its lease expires, with plans to relocate its headquarters to the City of London. Interior demolition is scheduled for 2028, following the bank's departure in 2027. The plan also includes a new public walkway to connect Canada Square Park with the nearby Elizabeth line station.