Canary Wharf Group and building owner Qatar Investment Authority have submitted proposals to Tower Hamlets Council to overhaul the 45-storey tower at 8 Canada Square.

The cost of the ambitious project has not been revealed but could be somewhere between £800m and £1bn.

Designed by architect Kohn Pedersen Fox, the retrofit-led scheme will retain much of the existing 1.1m sq ft building while dramatically reshaping its upper floors to create landscaped terraces and a spectacular public rooftop destination.

The redevelopment will convert the former bank headquarters into a mixed-use building combining office space with an 181-room hotel, restaurants and leisure facilities on the upper floors.

Signature upper floor transformation for hotel and double height public viewing area

The centrepiece of the scheme is the “Cloud” on levels 42 and 43, where large sections of the upper floorplates will be removed to create a publicly accessible rooftop venue offering 360-degree views across London.

A new north-south pedestrian route will also be created through the building, linking the Elizabeth line station directly with Canada Square Park.

HSBC is due to vacate the tower in 2027 when its lease expires ahead of its move to the City. Strip out work is expected to begin shortly afterwards, with the main three-year construction programme scheduled to start in 2028.

One of four new open terraces cut into the existing tower

KPF won the design competition for the project in 2024, beating a shortlist understood to have included Foster + Partners, which designed the original tower, and Danish architect 3XN.

The project team includes Gardiner & Theobald as project manager and cost consultant, Robert Bird Group as structural engineer, Sweco as MEP and sustainability consultant.