Government offered Canary Wharf site
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Your support makes all the difference.ERNST & YOUNG, the administrators of Canary Wharf, have offered to sell the Department of the Environment a building in the development in a last-ditch move to save both Canary Wharf and the project to extend the Jubilee line to Docklands.
The offer, made at a meeting between the two parties yesterday, is for the Government to buy one of the buildings at Canary Wharf at a knockdown price.
Ernst & Young would then use the money to fulfil the first part of a commitment made by Canary Wharf's developers, Olympia & York, to contribute pounds 400m to the pounds 1.7bn Jubilee line scheme.
The first pounds 60m tranche is due as soon as financing is agreed, but banks that have lent pounds 570m to Canary Wharf have only given Ernst & Young pounds 10m to continue running the project and do not want to spend any more money if they can avoid it.
Along with Harbour Exchange and West India House, Canary Wharf is one of three sites in Docklands being considered as the new home for more than 2,000 civil servants.
A decision is due soon, but at the end of last week it appeared that Canary Wharf was unlikely to be the chosen site, prompting the fresh offer by Ernst & Young with its added incentive of hope for the Jubilee line.
The offer comes as the Jubilee line is moving back towards the top of the political agenda. The Government has said that unless any owners of Canary Wharf come up with the contribution it will not fund the extension.
Yesterday 13 MPs from all parties tabled a motion urging the Government to agree the financing of the extension as soon as possible. The motion says that the extension is essential not only to Docklands but also for regenerating south and east London and providing an essential link to the proposed Channel Tunnel rail terminal in Stratford.
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