- Following dismantling of existing buildings, first foundations being laid
- Strong sales for first phase of residential apartments
Construction of Southbank Place, the new £1bn mixed use property development on the globally recognised Shell Centre tower site, has begun today.
Following the demolition of the previous wings of the tower on the site, foundations are now being laid for one of London’s most anticipated and desirable developments.
Southbank Place is being developed by Braeburn Estates – a joint venture between Canary Wharf Group and Qatari Diar Real Estate Investment Company – and will showcase architectural excellence within one of London’s well known sites on the South Bank to create a leading mixed-use development.
The Shell Tower will remain the centrepiece of the site, framed by a cluster of seven complementary buildings for residential and business use, which will be constructed in phases from now until 2019.
The residential apartments at Southbank Place were successfully launched in September 2015, with over 80% of properties sold. The second residential building, 30 Casson Square, launched on 3rd March, offering 164 apartments, with views over central London and the River Thames. The development will have a new public square, pedestrian routes and an underground station. 30 Casson Square is a product of collaboration between architects Squire and Partners and interior designers Johnson Naylor.
In addition to over 800 apartments in five buildings, two of the new buildings totalling 530,000 sq. ft. are being constructed for business use. Southbank Place will also be home to 48,000 sq. ft. of retail outlets, restaurants and cafés.
The mixed use scheme is a major source of job creation, presenting new opportunities for employment both during construction and in long-term jobs within the South Bank. Upon completion, the development is expected to provide over 6,000 jobs, while the construction project will continue over the next four years and is anticipated to support over 13,000 construction and supply chain jobs in total.
Commenting on behalf of Braeburn Estates at today’s ground-breaking ceremony, Khaled Al-Sayed, Group CEO, Qatari Diar Real Estate Investment Company, said: “Today is a historic milestone for the Southbank Place development, as we lay the foundations for this new destination in London. With exceptional new homes, innovative, efficient office spaces and exclusive retail elements, this once neglected space will set the standard for mixed-use developments. Local stakeholder engagement is playing a vital role in helping to ensure Southbank Place benefits the local community and creating a landmark destination that will enhance the London skyline for years to come.”
Sir George Iacobescu, CEO, Canary Wharf Group, said: “This is an area that has long been neglected, but will offer the best of all worlds, from the bustling culture of the South Bank to some spectacular views of the most recognised landmarks in the Capital, the Houses of Parliament and Big Ben. Southbank Place is also playing a major role in the development of the local community by creating new jobs, providing affordable housing and stimulating the growth of local businesses through our South London Procurement Network initiative.”
ENDS
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Notes to Editors
About Southbank Place
Southbank Place is being developed by Braeburn Estates, a joint venture between Canary Wharf Group plc and Qatari Diar Real Estate Investment Company.
About Canary Wharf Group
Canary Wharf Group plc is an iconic London real estate business which has overseen the largest urban regeneration project ever undertaken in Europe. The Group design, build and manage a unique set of assets to serve local and international companies, renowned retailers and some of the UK’s most exciting technology start-ups.
Canary Wharf Group is a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority, two of the world’s largest commercial real estate and fund companies. The Group was acquired in March 2015 and as part of this process, Songbird, the former majority owner of Canary Wharf Group, delisted from the London Stock Exchange’s Alternative Investment Market.
About Qatari Diar
Qatari Diar Real Estate Investment Company is wholly owned by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, and was established to co-ordinate the country’s real estate development priorities. The company is currently involved in more than 39 signature projects in more than 21 countries around the world with a combined value of over $ 35bn.
With a significant UK presence Qatari Diar boasts key projects including Chelsea Barracks, comprising a rare collection of apartments in Belgravia, and East Village, a joint venture with Delancey, offering 1,439 private residential apartments for rent.
Qatari Diar has also recently acquired the US embassy’s Chancery Building, at 24-31 Grosvenor Square, broadening Qatari Diar’s already impressive estate portfolio in London.