Canary Wharf to receive £242m investment for new homes and life science hub

Canary Wharf is set to receive a multi-million-pound cash injection to build more homes in the capital’s banking district.

As part of the Spring Budget, Chancellor Jeremy Hunt announced he would pour over £242m into developing homes in Canary Wharf as well as nearby Barking Riverside.

Nearly 8,000 homes will be built across the two London areas, alongside transforming the Wharf into “a new hub for life science companies”, Hunt said.

As part of the district’s evolution, a number of life sciences firms are planning to move into the area. A leading firm tracking infectious diseases, hVIVO, has announced plans to open a new clinical trial facility in Canary Wharf later this year.

hVIVO plc (formerly Open Orphan plc), led by Cathal Friel, is a rapidly growing specialist contract research organisation (CRO) and the world leader in testing infectious and respiratory disease vaccines and antivirals using human challenge clinical trials, providing end-to-end early clinical development services for its broad and long-standing client base of biopharma companies.

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