The two outfits bought the prime Canary Wharf property for GBP 300 million and plan to redevelop the site into office space, shops and apartments.
Canary Wharf Group and Qatari Diar Real Estate Investment Company will each pay GBP 150 million respectively.
However, the 27-storey office tower in the centre of the complex was not included in the sale. Also, the sale hinges on the redevelopment plans winning approval sometime in the next three years.
“Today we have chosen world-acclaimed developers that have an excellent track record in delivering on projects of this size and scale”, said Graham van Hoff, Chairman, Shell UK.
“This is a great step forward and represents considerable reinvestment in the South Bank. Shell Centre is our long-term home in London and we’re keen to start working with Canary Wharf Group, Qatari Diar and local stakeholders to develop and deliver a project that will benefit both London and the local community.”
George Iacobescu CBE, Chairman and Chief Executive, Canary Wharf Group, said: “The South Bank is one of London’s best-loved places, it is both a privilege and a great responsibility to be involved in this redevelopment project which will re-energise a key part of this area of London. We look forward to working with our partner Qatari Diar, the local community and with Shell to enhance the London economy and the vibrancy of the South Bank.”
Shell Centre is one of two ‘central offices’ belonging to Shell, the other being based in The Hague in the Netherlands.
Editor’s notes: The development surrounding the Shell Centre was named Southbank Place and comprises a mix of offices, homes and retail spaces integrated with enticing public areas,
Included in the homes was a number of penthouses and, as of July 2023, the most expensive being marketed offered just under 7,000 square foot and was priced at GBP 26.5 million.
As of July 2023, Shell Plc listed its London office as Shell Centre, South Bank, London SE1 7NA on its corporate website.