Criterion Capital has unveiled plans to build the UK’s largest private rented scheme which will be based in Canary Wharf in East London.

The plan is to knock down four existing office blocks at the East India Dock Estate which will allow the firm to 1,500 new privately rented homes with several buildings ranging from 8 to 38 storey’s high.

In addition, the project at the 8 acres estate at the northern gateway to Canary Wharf will also feature a range of commercial facilities including new cafes, shops, a gym, space for start-ups as well as parkland areas.

Michael Hughes, head of development at Criterion Capital, said, “This scheme represents the antidote to the ‘lock and leave’ culture evident in so many of the capital’s residential developments, which does nothing to alleviate housing shortfalls.

“With our proposals, we aim to achieve a size and scale of PRS development that not only makes a material contribution to London’s housing stock, but also creates a thriving and sustainable community.”

Criterion has become one of the largest operators in the private rented sector and the East India Dock development represents the company’s largest investment to date, joining their other projects which include Croydon’s Delta Point and the former Ford HQ in Basildon.

Local residents will now be consulted about the planned development before the company takes their plans to the council at a later date in Autumn this year.