JP Morgan lifted spirits in London’s Docklands yesterday after announcing a £237m deal with Canary Wharf Group to develop a building in the district.

The US investment bank has bought a 999-year leasehold on a development called Riverside South but would not specify the size of the building it will occupy.

Infrastructure work at the site has already begun and the bank has planning permission for up to 1.9m square feet, almost 10% of the Docklands financial district.

The bank is in talks to finalise the design of the building but would not comment on how those discussions were progressing.

The building, which is expected to be be finished in four to five years, is a rare piece of good news for London’s business office sector in a time of financial slowdown and contraction in the banking industry.

Financial Times, The Times