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Crossrail gets £150M funding boost from Canary Wharf Group for Isle of Dogs station

Crossrail today received a festive boost with Canary Wharf Group agreeing to contribute £150M to Crossrail and to design and build the £500M Isle of Dogs station. Planning approval has been received and work will start in early 2009.

Work on the new Isle of Dogs Crossrail station at Canary Wharf is now set to begin in early 2009 as Canary Wharf Group (CWG) today concluded agreements with transport secretary Geoff Hoon and Transport for London subsidiary Cross London Rail Links Limited to contribute £150M towards the costs of the new Isle of Dogs Crossrail station at Canary Wharf.

CWG will also design and build the new station for a fixed price of £500M.

Canary Wharf Group has worked extensively with Crossrail on redesigning the station, resulting in significant savings for the project. £350M of the station’s £500M costs will be met from Crossrail’s £15.9bn budget with CWG bearing the risk in relation to costs above the fixed price limit.

With final planning approval received by CWG, construction of the new Isle of Dogs station will now start in early 2009. The station box is expected to be completed and handed over to Crossrail by summer 2012. The first trains are due to run in 2017 when Crossrail opens for passenger service.

Planning approval has been received for a shopping centre and a rooftop park above the station. The park is a focal point of the design and will be semi-covered by an elegant and environmentally sustainable timber lattice roof, providing views of the docks and Canary Wharf beyond.

Transport minister Andrew Adonis said: "This deal with the Canary Wharf Group once again demonstrates the commitment of business to this vital project. Crossrail is crucial in keeping London and the rest of the country globally competitive. It will provide a boost of at least £20bn to the UK economy, as well as creating around 30,000 much-needed new jobs in this difficult time.

"This vital new link will directly connect the heart of London’s financial districts and Canary Wharf to Heathrow Airport, significantly improving existing public transport links and giving people a real choice about how they make their journeys into and across London.”

Mayor of London, Boris Johnson said: "Construction of the new Isle of Dogs Crossrail station will get underway in early 2009 and will be a welcome boost to the economy at a time when it is hugely needed. Once Crossrail arrives in Canary Wharf it will act as the catalyst for a further economic boost – allowing the construction of more offices and other facilities including new shops and more hotels, creating lasting jobs over the coming decades."

CWG chief executive George Iacobescu said: "Canary Wharf Group has supported Crossrail for many years. It is vitally important for transport infrastructure to improve to help London keep pace with rapidly developing cities in other parts of the world which are competing for London’s role as one of the main global financial centres.

"Crossrail is a major boost for Canary Wharf, for East London and for London as a global centre of commerce."

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