The striking overhaul of the iconic HSBC tower at 8 Canada Square will see large chunks of the upper floorplate removed to create a spectacular high-rise roof terrace.

The cost of the ambitious project has not been revealed but could be somewhere between £400m and £800m once designs are finalised. The project is set to begin in 2027, following the expiry of the current HSBC lease.

Plans are being advanced by Canary Wharf Group and building owner Qatar Investment Authority, which bought the tower for around £1.1bn 10 years ago.

Architect Kohn Pedersen Fox has drawn up the plan to reimagine the 45-floor building.

It will boast several open terraces and 1.1m sq ft of office space, in what is seen as a blueprint for the next-generation of green office buildings planned for the capital.

Elie Gamburg, design principal at Kohn Pedersen Fox, said: “We are extremely excited to collaborate with QIA and CWG to reimagine the single-use office building as a blueprint for the highly sustainable, mixed-use building of the future.

“This transformation embodies the ethos behind much of our work, we see it as an integral part of the evolution of today’s single-use neighbourhoods into vibrant mixed-use neighbourhoods of tomorrow – an evolution of which CWG is already leading the way.”

Shobi Khan, CEO of CWG, added: “We look forward to working with QIA on 8 Canada Square to deliver a building of outstanding design, engineering and sustainability standards. This redevelopment is another step in Canary Wharf’s evolution into a vibrant mixed-use neighbourhood offering workspace, retail, homes, leisure and amenities all in one location – a true 15-minute city.”

High-rise roof terrace plan with views across London

CWG and QIA are working with the London Borough of Tower Hamlets and the appointed team to develop plans and submit a planning application.