The World Trade Centre London project was initially planned as a redevelopment of the now derelict World Trade Centre building, which was heavily damaged by an IRA bomb in 1996, and the former site of One South Quay Plaza, a 7-storey office building demolished as a result of the same bomb.
As a result of poor performance in London's commercial property market during 2002, the developers of WTCL decided to scrap Building Four, which would have stood on the northern half of the site of the now-demolished One South Quay Plaza, and build instead Discovery Dock East, a residential tower for which planning permission already existed.
The project was to have included both new-build and refurbished properties totalling 185,805 m² (2 million ft²) in a two-phased development. Phase 1 was to have provided 111,500 m² of offices as well as retail, a hotel and serviced apartments in five buildings.
On August 28, 2003 a planning application was submitted to redevelop the site originally earmarked for Building Five. The application proposes two linked towers, one office and one hotel/residential, known as Four South Quay Square and Five South Quay Square. The status of the remainder of the WTCL masterplan is unknown.