'Swiss cheese' plan for famous London office block

Canary Wharf’s iconic HSBC Tower is set for a massive transformation next year, as planned architectural quirks have seen it likened to a “Swiss cheese” building.

Qatar Investment Authority (QIA), the building's owner, alongside development partner Canary Wharf Group (CWG), has submitted proposals to Tower Hamlets Council to completely revamp the 45-storey building.

The lease of the current occupier HSBC is due to expire next year and the banking giant plans to relocate its headquarters to the City of London.

The project is estimated to cost between £800 million and £1 billion. Architects Kohn Pedersen Fox (KPF) are leading the design, which involves cutting away chunks of the tower’s upper floors to create staggered, open-air terraces.

These unique structural cutouts have already earned the project the nickname the "Swiss Cheese" building.

The redesigned tower will cater to multiple uses, breaking away from its history as a single-occupant office space to offer a highly integrated layout. On the top floors, staggered terraces and a striking glass box called "The Cloud" will host an entertainment venue, restaurants, and bars with panoramic views.

The middle floors will feature flexible, best-in-class workspaces tailored for multiple corporate tenants, with asset manager BlackRock reportedly eyeing up the space.

Meanwhile, the lower and ground floors will incorporate a 181-room hotel, leisure facilities, and a brand-new public walkway slicing directly through the ground floor to connect Canada Square Park with the adjacent Elizabeth line station.

Once HSBC vacates the premises in 2027, the interiors will be stripped out, with core renovations scheduled to begin in 2028. No completion date has been confirmed yet.

Shobi Khan, CEO of CWG, described the development as a major step in evolving Canary Wharf into a vibrant, sustainable "15-minute city."

This project is part of a broader trend of repurposing London's commercial landmarks, joining other high-profile revamps like the BT Tower's conversion into a luxury hotel.