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After a lot of years of chasing, the Canary Warf Group has finally bought the One Park Place property after paying up £17.5m for it. The Group purchased the site, which is located near the Westferry Circus after much effort on their part.

Bernard McNamara’s Grattan Properties was the earlier owner of the property which they bought in 2007 for £55m. During that time, the tower Hamlets Council gave them permission to build a 45 storey building including retail shops and restaurants at the site.

But McNamara, following his purchase of the site announced that he was under a debt of £1.3b after his investors won a complaint case against him for £62.5m. After a week of this announcement’s release Canary Wharf Group revealed that they had procured the property.

Although they don’t have a specific plan in mind for it yet, Canary Wharf Group said that they were happy to have bought the property for a modest price.

There is no word on whether or not the Group will follow Horden cherry Lee’s blueprint design for the site, but it is believed that Canary Wharf Group will probably tweak the design a bit to make the land within access range to West India Avenue.

George Lacobescu, Chief Executive of Canary Wharf Group said that One Park Place will become a hotspot for desk space rental after 2011 when Central London will not be able to provide major office spaces for all the new businesses opening up.