Shell signs £300 million agreement for Shell Centre redevelopment
Jul 28, 2010
Shell International Limited (Shell) today confirmed it has signed an agreement with Canary Wharf Group & Qatari Diar Real Estate Investment Company to redevelop the Shell Centre site on the South Bank in London for a cash consideration of £300 million.
Shell will retain the freehold of the site with Canary Wharf Group & Qatari Diar holding a 999 year lease for the site, excluding the Tower. This is subject to approved planning permission.
Shell has been a major employer and occupier on the South Bank for more than 50 years. Shell will continue to occupy the Tower and in addition will lease 210,000 sq ft in a new building on site for its London headquarters.
“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’t 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.”
Plans for the site will undergo extensive public consultation and engagement throughout the application process.
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 will be relocating approximately 1,700 staff to office space at 40 Bank Street, Canary Wharf and an existing office on The Strand to facilitate the redevelopment. Relocation is planned to be complete by the end of this year. On completion of the Shell Centre development, all London based staff will return to the South Bank, which remains Shell’s long-term home in London.
Mohammed bin Ali Al Hedfa, Group CEO of Qatari Diar, said: “Qatari Diar is delighted to have signed this agreement with Shell. We look forward to working with our partners at Canary Wharf Group and the local community to redevelop this iconic location. When Qatari Diar begin any new project we are entering into a long-lasting commitment with our partners and the wider community to leave a positive cultural, environmental and sustainable footprint.”
Notes to editors
Shell is advised by CB Richard Ellis and Rothschild.
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