Why Canary Wharf could become the UK’s most successful science hub

Canary Wharf, like many urban commercial centres, is changing fast. This small but significant district has long been a centre of commerce, growth and innovation – initially for maritime trade and most recently as a hub for banking and finance.

Now that it is grappling with empty commercial space and falling demand following the pandemic, could it be about to undergo another transformation – into a world-leading epicentre for science?

With high-profile JVs involving Kadans and investment arriving from hVIVO and other innovation specialists, Canary Wharf is, in my view, perfect for the life sciences sector. However, given the technical complexity and fast-moving nature of the science market, developers need to think carefully before piling in.

An evolving sector

Science developments have historically been built from scratch, congregating in clusters around anchor institutions such as universities, teaching hospitals and government institutions, with the UK model focusing on academia, big pharma and science parks.

During the last decade or so, the UK has adopted the US developer model with increasing enthusiasm. Thanks to the changing nature and growing commercial possibilities within the R&D market, the sector has rediscovered urban locations with some success – for instance in King’s Cross, which is anchored by the Francis Crick Institute, Google and UCL.

Canary Wharf represents a real evolution of what’s possible, completely disrupting the traditional model both in terms of location and its lack of traditional anchor institutions.

While the new 800,000 sq ft-plus Kadans North Quay tower (pictured) will eventually serve as an anchor and standalone vertical ecosystem attracting other firms to the district, it is not due to complete till 2027. In anticipation, Canary Wharf is already starting to build up the critical mass for success, offering science space in Columbus Courtyard and Water Street.

Why Canary Wharf is ideal for science

As a modern, purpose-built development, Canary Wharf has excellent existing infrastructure that smart new buildings can plug into, as well as a wealth of different property types to repurpose. Critically, it also carries a relatively low planning risk.

The deep, regular floorplates in its classic 1980s and 90s banking towers are ideal for repurposing for science, providing good access and offering the all-important possibility of controlled environments.

There is obviously still work to be done, but with a higher concentration of buildings suited to repurposing, there is less cutting and carving to do here than elsewhere in London. Many contemporary amenities are also baked in or nearby, creating a compelling draw for future-focused businesses and industry talent alike.

Then there’s the transport and connectivity. I believe that rather than clusters, the next generation of science businesses in London will be located in research and innovation corridors, with highly connected, like-minded organisations only a short tube ride away.

Canary Wharf is a perfect example of what’s possible, with the new Elizabeth line linking central London and Heathrow, and City airport right on the doorstep. This ‘15-minute connectivity culture’ would create fast, easy links with academic and healthcare anchors as well as other science hubs and manufacturing just outside the M25.

These science corridors and interdisciplinary synergies would be a huge boost for London, leading to rich cross-fertilisation of ideas and a more innovative, science-focused capital. Being part of a financial centre has obvious benefits too, and there are natural synergies between global capital, new fintech and R&D investment.

For young, smart, scitech professionals, there is also an abundance of high-quality rental housing nearby, offering the attractive option of being able to walk to work – in addition to a good range of leisure facilities and amenities.

What developers need to know

Given these factors, I think we’re likely to see the emergence of a world-leading science hub in the district within the next decade, with Canary Wharf’s commitment to embracing the market creating a critical mass for success at a time when many others are hesitating.

However, anyone wanting to capitalise on the opportunity need to be aware of the need for long-term thinking and the importance of getting the design right from the start. Developers mustn’t be tempted to race to market – or mistakes will be made and opportunities missed.

With growing automation and the rapid rate of technological advancement, we must stop viewing assets as buildings and start seeing them as infrastructure platforms able to flex to the complex needs of scitech businesses. The current US market provides a cautionary example, with many overly speculative, under-designed buildings now standing vacant.

I believe Canary Wharf – and London – has the capacity to evolve into the world’s next science development model with higher diversity and exciting new cross-sector synergies. But to succeed, we have to offer the market high-quality buildings done right, and we must keep the long-term, fast-changing needs of science businesses front of mind.