HB Reavis has completed its purchase of Elizabeth House, South Bank.
The site at One Waterloo, SE1, has been granted planning consent for a 945,000 sq ft development.
The acquisition of the office-led development on York Road next to Waterloo Station from London & Regional and Chelsfield adds a fourth development to the HB Reavis London portfolio.
Elizabeth House is a 1960s office building that has been earmarked for redevelopment for more than 10 years. It has planning permission for two new buildings, of 29 and 10 storeys comprising 753,000 sq ft of commercial floorspace, 142 homes and public space totalling 192,000 sq ft.
HB Reavis chief executive Pavel Trenka said: “This deal, our largest yet in the UK, affirms our long-term commitment and aligns with our plan to position one third of our business operations in London by 2019. The development joins a list of major schemes of similar size and urban scale across our other markets including Varso Place in Warsaw, Agora in Budapest and NIVY/Twin City in Bratislava. Both Elizabeth House and Varso Place are unique due to their extraordinary vicinity to major transportation hubs and their scale and prominence provide an endless range of user experiences. These are the development opportunities we live for.”
HB Reavis currently has three London schemes under construction:
- 33 Central, EC4 – a 225,000 sq ft new build office on King William Street. In 2016, the office was sold to Wells Fargo which will consolidate its London teams here later in 2017.
- Cooper & Southwark – a 78,000 sq ft office building at 61 Southwark Street, SE1, due to complete later in 2017.
- 20 Farringdon Street, EC4 – an 83,500 sq ft office building due to complete in 2018.
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