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PROPERTYIrish developer's record tower bid

AN Irish developer is planning to build the tallest residential tower in Europe in London at a cost of €1.2bn.

Tom Ryan bought a site in Canary Wharf for €119m and is hoping to build a 74-storey skyscraper.

The tower will be 242 metres, seven higher than Canary Wharf's tallest office building, according to reports.

In what is clearly more evidence of London's booming business market, the scheme is the latest in a line of high-rise developments across the capital.

However, while Mr Ryan already has permission to build a mixed use scheme containing offices and shops he will have to receive permission from Tower Hamlets Council to do so.

The site, which sits on Canary Wharf's north-west corner, was sold by Commercial Estates Group, which had permission to build a 242-metre tall building containing offices, homes and a hotel called the Columbus Tower.

Ryan Corporation (UK) Limited said the 75-storey tower would be renamed the Herstmere, and would contain more than 500,000 square feet of luxury residential space or 714 homes.

It expects the site to be worth more than £850m upon its 2018 completion.

"We're at a moment in time when residential is something that is very popular in London and we came across a project which we thought was incredibly exciting and in an area where we think has a lot of growth," Richard Berridge, chief operating officer for Ryan Corporation, said.