The General Pharmaceutical Council (GPhC) has confirmed it will move to Canary Wharf this year, in a deal it has branded "good value" for its increasing accommodation needs.

The regulator will leave Lambeth in September for new premises in 25 Canada Square, where it has been quoted an annual rent of £35 per square foot – equating to £1,347,500.

The GPhC stressed that the figure did not reflect the total value of the deal, which it would not fully reveal because the details were commercially sensitive. It pointed out that it would be exempt from paying VAT on rent in Canary Wharf.

The regulator will leave Lambeth in September for new premises in 25 Canada Square, where it has been quoted an annual rent equating to £1,347,500.	More on the GPhC GPhC targets Canary Wharf for new HQ Complaints from patients hit new high in 2013, reveals GPhC Explain how you are meeting premises standards, GPhC chief tells independents
	Chief executive Duncan Rudkin said the GPhC had conducted a "thorough search and detailed evaluation of all possible options" before deciding on its new premises. "Relocating to 25 Canada Square will offer good value accommodation that will meet our current and future needs, including necessary additional space for our staff and a new fitness-to-practise hearings centre," he said.

"Our council decided [this] was the best option for the GPhC after carefully considering a number of factors, including the importance of using our funds wisely, the facilities we will need and the impact any moves would have on our staff," Mr Rudkin added.

The GPhC paid £551,800 in rent last year, according to its January council papers, but it told C+D this was not comparable to the quoted figure for Canary Wharf. It would be taking on extra space in the new premises, the regulator said.

The GPhC will share its new premises with companies including Crossrail and investment managers Ivaldi Capital.