Mike Hussey’s Almacantar has completed the £550m forward purchase of the two office buildings which will be developed as part of Canary Wharf Group and Qatari Diar’s Shell Centre, SE1, scheme.
The buildings, named 1 and 2 Southbank Place, will provide a total of 527,616 sq ft of office space when completed in 2018.
The 272,938 sq ft 1 Southbank Place is fully prelet to Shell on a 20-year lease, while the slightly larger 2 Southbank Place will be developed speculatively.
Almacantar will take on the marketing of the buildings to potential occupiers, while the Canary Wharf Group and Qatari Diar’s Braeburn Estates joint venture will retain responsibility for construction and delivery of the buildings.
The buildings will provide five winter gardens, a roof terrace and entertainment space with panoramic views over the River Thames.
The acquisition is being financed through a loan facility from private investment company Cain Hoy.
Mike Hussey, chief executive of Almacantar, said: “1 and 2 Southbank Place is a worthy addition to our portfolio of high quality assets. We feel that the area around Waterloo Station has the potential to grow into one of the best mixed-use destinations in London and we are excited to be working with Shell and Braeburn in overseeing the transformation of the area.”
