Real estate asset management firm Quadrant and funds managed by Oaktree Capital Management have secured planning permission to redesign 30 South Colonnade in the East London financial district.

The Canary Wharf building, which will be renamed YY London, will include 408,000 sq. ft of new office, a new façade, café, retail spaces and a rooftop garden.

Quadrant said "the role of the office is under review", adding that "we need our offices to be extraordinary places", following the pivot to home working that was sparked by the Coronavirus pandemic.

Quadrant partner Julian Neave said: "YY London will be a beautiful and recognisable building for London, set in a contemporary tone at the heart of this renowned business district".

He added: "YY London will be an exceptional workspace that staff will want to come to work in, with a focus on wellbeing and community, designed to match occupiers' evolving needs in the aftermath of the Covid-19 pandemic. We are creating something fresh and exciting for everyone living in, working in and visiting Canary Wharf".

The developer, which acquired the property off-market in May last year, has appointed Buckley Gray Yeoman as the project’s architect, with CBRE hired as joint leasing agents.

In a report approving the planning permission on Monday, Tower Hamlets council, the local authority for Canary Wharf, said the proposed development would “improve the existing office space and provide affordable workspace in the area.

“The proposal would enhance the local area with interesting and distinctive design approach and result in a more environmentally appropriate building,” it said.