Canary Wharf Group has now finally acquired the One Park Place site situated near Westferry Circus. The group has finally picked up the lease from the receivers at a decent price of £17.5m.

The property was purchased by Grattan Propertied of Bernard McNamara at a price of fifty five million pounds in 2007. McNamara’s company had got an approval from the Tower Hamlets Council to construct a forty five storied building that would be primarily for providing office space but will also have retail and restaurant areas.

Unfortunately this plan was not implemented because of an announcement in the Irish media by McNamara about his huge debts to the tune of £1.3b after investors won a law suit of 62.5 million euro against the company. It is after this that the Canary Wharf Group moved in quickly and sealed the deal of purchase within a week of the announcement by McNamara.

The new owners of this site have not yet officially announced their plan for this site. But the industry buzz is that they will seek to alter the original design of Horden Cherry Lee in an attempt to have better access between West India Avenue and the estate.

Speaking about the future prospect of the new site Chief Executive of the Group, George Iacboescu said that by 2011 all desk space London will be exhausted and then such sites like the One Park Place will gain popularity among tenants.