QIA and Canary Wharf Group unveil £800-£1bn redesign of HSBC Tower

Qatar Investment Authority, the tower’s owner, and development partner Canary Wharf Group have filed a redevelopment proposal with Tower Hamlets Council to completely reconfigure the 45-storey HSBC Tower. Architecture firm Kohn Pedersen Fox will cut away portions of the upper levels, forming a series of stepped terraces and a glass-enclosed “Cloud” that will host entertainment, dining and panoramic views. The middle floors will be converted into flexible, premium office space, attracting potential tenants such as BlackRock.

At the base, a 181-room hotel, leisure facilities and a new public walkway will connect Canada Square Park directly to the Elizabeth line station. HSBC’s current lease expires next year, prompting the bank to relocate its headquarters to the City of London. The redesign, nicknamed the “Swiss Cheese” building, is estimated to cost between £800 million and £1 billion, with interior demolition beginning in 2028 and no firm completion date announced.