Canary Wharf Group (CWG) has taken over full ownership of the Wood Wharf Partnership (WWP) and a 250-year lease for the mixed-use development in London.

The deal has seen the investment group combine its existing 25 per cent holding with the 75 per cent stake held by joint venture partners, British Waterways and Ballymore Properties.

CWG has taken on control over the timing and design of the 16.8-acre (6.8-hectare) scheme, which is located adjacent to Canary Wharf and includes five commercial buildings.

Rogers, Stirk, Harbour and Partners are behind designs for the development, which will also include a waterside community park; a hotel; restaurants; bars; and cafés.

CWG chair and chief executive Sir George Iacobescu said: "This mixed use development will set new, world-class standards for design, sustainability and community integration.

"The acquisition terms are attractive for land with planning consent adjacent to Canary Wharf which will benefit from Canary Wharf's considerable existing infrastructure and be complemented by Crossrail from 2018."

The deal will provide the waterways with a payment of £52.4m over the next four years, in addition to increased ground rent for the 250-year length of the lease.

British Waterways chief executive Robin Evans said: "The enhanced ground rent plus the additional income as a consequence of reinvesting the capital payment will generate nearly £10m annual income for the Canal and River Trust."

Details: www.canarywharf.com