The towers will dominate Docklands' skyline

The company wants to build a pair of skyscrapers, designed by Richard Rogers, on the banks of the Thames, in the capital's Docklands financial district.

The towers would be among the UK's tallest buildings.

CWG says it has not been deterred by a fierce downturn in banking and financial services, which has left many offices in London standing empty.

Fierce downturn

But it said it would not push ahead with the scheme, which involves four million square feet of office space, until it had a tenant in place.

Despite current market difficulties we remain confident in the prospects for London in medium/long-term Paul Reichmann, Canary Wharf Group

The planning process is expected to take at least 18 months by which time, the company hopes, the market for office space will have picked up.

It has confirmed it plans to submit a planning application to Tower Hamlets council.

Trading floors

The two towers would be built at the south end of the Docklands estate overlooking the Thames.

The buildings would be clad in glass and set in a stainless steel and aluminium facade.

The towers would be linked by a low-rise building with space inside for trading floors.

The plan also includes a parade of shops and restaurants along the banks of the Thames.

Regeneration

A second development, designed by Cesar Pelli Associates, would offer three units of office space at the other side of Canary Wharf.

The designs have to gain local council approval

The second development would be linked by several bridging floors, with space for trading floors and public walkways that could be enclosed as "wintergardens".

The regeneration of London's Docklands area began in the late 1980s, with creation of Canary Wharf tower at 1 Canada Square.

The Canary Wharf group went into administration four years later and was subsequently placed in the hands of its banks.

It was bought back from the banks in 1995 by a consortium led by Paul Reichmann, chairman of Olympia and York.

The group was later successfully floated on the London stock exchange.

Development has continued at the 85-hectare site, with the Citigroup and HSBC towers, which flank the original Canary Wharf tower, opening in 2001.

Growth prospects

Commenting on the latest plans, Mr Reichmann said: "Despite current market difficulties we remain confident in the prospects for London in medium/long-term.

"Recent announcements on the Thames Gateway, which supports the conclusion of the Mayor's London Plan, confirms our own view that London in general and East London/Thames Gateway can look forward to sustained employment and housing growth over decades ahead.

"It is crucial that we keep a sharp focus on the future and put in place now the processes that will ensure we can continue to contribute to that growth by providing state-of-the-art office, retail and leisure facilities."

He said CWG had been working closely with its architects "to create these stunning proposals", which were "in keeping with our original vision".

He said the company would "consult closely" with the council and community groups over the plans.