McNamara Loses One Park Place to Canary Wharf Group
Wednesday, February 3rd, 2010
After a week of Bernard McNamara’s announcement that he was in debt, Canary Wharf Group successfully bought the
In 2007, Bernard McNamara’ Grattan Properties purchased it for £55m and even got a proposition to build a 45 storey building with retail stores and restaurants approved by the Tower Hamlets Council soon after.
But, then McNamara made a shocking announcement that he had suffered huge losses due to a lawsuit won against him by the investors for £62.5m which immediately put him in a debt of £1.3b. Almost a week after this announcement, it was reported that Canary Wharf Group had purchased the land from Grattan Properties.
The Group expressed their joy at having availed the site for such a low price, although they were still not sure as to have the property would be developed by them.
It has not been publicly revealed if the Group will go along with the design plans envisioned by Horden Cherry Lee for the estate, but Canary Wharf Group did say that they wanted the site to be developed closer to the
Canary Wharf Group’s Chief Executive, George Lacobescu said that after 2011 there will be a shortage of leading desk space in