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Canary Wharf has acquired full ownership of the 16.8 acre Wood Wharf site immediately adjacent to their existing estate in east London.

Outline planning consent is in place for a 4.8m sq ft mixed-use scheme on the site, which would extend the Canary Wharf estate half a mile to the east.

The developer 鈥� which previously had just a 25% stake in the site 鈥� has bought out the other stakeholders.

Canary Wharf said the acquisition allowed it to take full control of the timing and design of the scheme.

The developer bought out the 75% share owned by Wood Wharf Limited Partnership and its joint venture partners, British Waterways and Ballymore.

It also agreed the restructuring of British Waterway鈥檚 on-going participation as freeholder of the Wood Wharf site.

Canary Wharf now has a 250 year lease for the site.

Sir George Iacobescu, chairman and chief executive of Canary Wharf Group, said: 鈥淲ood Wharf鈥檚 development will mark an important evolution in the development of the Canary Wharf business, retail and residential district鈥�

鈥淭he acquisition terms are attractive for land with planning consent adjacent to Canary Wharf which will benefit from Canary Wharf鈥檚 considerable existing infrastructure and be complemented by Crossrail from 2018.鈥�