Crossrail deal struck

CWG will also design and build the new station.

Work on the new Isle of Dogs Crossrail station at Canary Wharf is set to begin in early 2009, said Canary Wharf Group's parent company Songbird in a statement.

CWG will construct the Isle of Dogs station for a fixed price of £500million.

CWG said it had worked with Crossrail on redesigning the station, resulting in "significant savings" for the project. Some £350million of the station’s £500million costs will be met from Crossrail’s £15.9bn budget with CWG bearing the risk relating to costs above the fixed price.

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.

CWG said it had planning approval for 9,300 sq m of retail space and a rooftop park above the underground station.

For more on this story pick up The Wharf, available on January 2.