- 1 Minute Read
- 15th March 2013
Shell’s London HQ redevelopment progressed
Plans for the redevelopment of Shell’s London headquarters near Waterloo Station has moved into the next phase, after part of the scheme was put up for sale, a company spokesperson announced late yesterday evening.
Announced in December 2012, the redevelopment proposals will see the 50-year-old Shell Centre transformed into the centrepiece of a mixed-use property development on London’s Southbank, set to dramatically transform London’s skyline upon completion.
The sale includes two of the scheme’s office buildings, and will help bolster the capital required to finance the significant 800,000sq ft mixed-use property scheme, set for completion in 2019, which is still subject to planning permission being approved.
The plans will see 75,000 sq ft of Grade-A office space come onto market, with additional retail units, restaurants, and cafes ecompassing the development, in addition to 790 new residential properties being created.
Property investment companies, Canary Wharf Group and Qatari Diar, will enjoy a 999-year lease on the site, with Shell International Limited retaining the freehold indefinitely. Commercial property advisers CBRE and Knight Frank have been appointed to ‘forward sell’ the scheme’s property in preparation for planning permission being granted.
[caption id="attachment_13217" align="alignleft" width="567"] An inside view: The Southbank redevelopment.[/caption]
Sir George Iacobescu, chairman and chief executive of the Canary Wharf Group, said: "Our vision is of a beautiful place to live and work in the cultural heart of the most exciting city in the world.
"Just as importantly, we look forward to working with the local authority and the community to ensure that local people get the best possible opportunities from this new development for many years to come."
Qatari Diar chief executive, Mohammed bin Ali Al Hedfa, said: “Our aim is to enhance an area in need of a renaissance, with a new mixed use development of which London can be truly proud. We are confident that our proposed development will put a reinvigorated South Bank at its rightful place, at the Capital’s heart.”