Changes to Canary Wharf property

Barclays has agreed to assign its lease interests in its 10 South Colonnade (10SC) site in London to the Cabinet Office as part of its continued strategy to reduce costs.

The 540,000 square foot site is located in Canary Wharf, where Barclays currently occupies two additional buildings – the bank’s global headquarters at 1 Churchill Place and 5 North Colonnade. Barclays occupies two leases on the 10SC site, both of which are due to expire in 2032. It is anticipated that the handover of the building will be completed by the end of 2017. No employees will lose their job as a result of this announcement.

Barclays will exit the 10SC site on a phased basis, with all colleagues moving to Barclays’ existing sites in Canary Wharf. The exit of the site will result in an annual cost saving of £35m once complete.