New £150m town planned next to Canary Wharf

A £150m new town to house 4,000 people has been given the go-ahead next to Canary Wharf.

Known as Wood Wharf, the new suburb will have new skyscrapers, a new park and high street, a canal and enough homes and apartments to house 4,000 people.

Tower Hamlets has agreed planning permission for the 20 acre development - a joint venture between Canary Wharf Group, British Waterways and Ballymore Properties.

The consortium has earmarked £153m to get the development off the ground.

It will build a new Crossrail station on the site, improve Docklands Light Railway routes in the area, upgrade buses and improve local amenities and facilities.

The town is expected to take 10 years to build and will initially involve the demolition of an industrial area known as Lovegrove Walk, reported the Evening Standard.

Plans include six new towers, office space and 1,600 homes.

A start date was not reported by the newspaper, which fears the project could be held back by the economic downturn.