London Approves 40-Storey Tower Adding 550 Apartments to Canary Wharf

Tower Hamlets Council granted planning permission on 9 July for a 40-storey residential tower at 15 Marsh Wall in Canary Wharf that will deliver 550 apartments.

The approval arrives as buy-to-let investors return to central London after the 2025 stamp duty reform reduced the surcharge on additional properties. Average house prices across London now sit above £500,000, with Zones 1-3 commanding the steepest premiums.

Supply pressure near key transport hubs

The site sits 200 metres from Canary Wharf Elizabeth Line station and within walking distance of the Crossrail Place retail hub. Developers expect the first units to complete in late 2029, adding stock in a corridor that has recorded consistent price growth since the line opened in 2022. Neighbouring schemes along Stratford High Street have already seen similar towers absorb demand from City workers priced out of Zones 1 and 2.

Local estate agents report studio and one-bedroom flats in the new tower will start at £475,000, with three-bedroom units listed from £950,000. These figures sit 12 per cent above comparable 2024 resale prices in the same postcode, according to Land Registry data released last month.

Buyer and investor considerations

Buyers should check the section 106 affordable housing quota attached to the consent, which requires 35 per cent of units to be offered below market rate. Those considering purchase for rental should note that Transport for London forecasts continued passenger growth on the Elizabeth Line through 2030, supporting occupancy rates near the station.

Interest in the scheme opens on 15 August through the developer’s Canary Wharf sales office. Prospective purchasers can register now to receive priority access to floor plans and pricing schedules.