Canary Wharf Group today confirmed it has signed a £300m (€343.2m) deal to develop the 5.3-acre Shell Centre site on the South Bank of the Thames, SE1.
Canary Wharf, with the backing of Qatari Diar, has reached an agreement with oil giant Shell International to acquire the site on a 999-year lease.
The two joint venture partners will each pay £150m. The development will be mixed-use, comprising office, retail and residential space. The well-known 1950s, 27-storey tower in the middle of the Shell Centre will be preserved and retained by Shell.
Shell will also take a 210,000 sq ft prelet of one of the new office buildings to be constructed on the site.
George Iacobescu, Canary Wharf Group chairman and chief executive, 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.”
