A redevelopment project for the Shell Centre has been granted planning permission by Lambeth Council, sparking a flurry of preparations for the coming year. Canary Wharf Group and Qatari Diar joint venture Braeburn Estates, who are co-managing the development works, have confirmed that work on the site will commence later this year, with the completion date expected to be sometime in 2019.
The existing Shell Centre Tower was constructed in the 1960s and is surrounded by office space of a similar background. However, the aim of this project is to modernise and diversify the area to create not only business accommodation but residential space as well.
In total, nine new buildings are to be constructed – the 27 storey Shell Centre Tower will be the centrepiece of the development, with one of the other eight tower blocks also providing the global petrochemical company with 245,000 square feet of offices and trading space. In total the development will provide 800,000 square feet of office space, along with 80,000 square feet of premises for restaurants, cafes and retail businesses.
Chairman and CEO of Canary Wharf Group, Sir George Iacobescu, believes the development will profit the local area.
He says; “We are delighted that Lambeth Council has approved these plans for us to work on such an important and historical site.
“We will continue to work with the London Borough of Lambeth and the local community as we move into the next phase of planning and development to ensure that all involved in the area get the best possible opportunities from this new development.”
Along with the many business opportunities, City professionals are expected to show a strong interest in the residential aspect of the development. With approximately 877 new homes being created from 800,000 square feet of designated residential space, plus the new pedestrian routes being installed to better connect Waterloo Station and the South Bank, this development is well placed for commuter links and ease of access.
Qatari Diar chief executive Khaled Al Sayyed points out that the development could also benefit the area’s tourism industry thanks to the plethora of retail and leisure space to be incorporated in the design.
He says; “Our development will be a unique place to live and work in the centre of London, providing locals and visitors alike with much needed public space, entertainment and culture.”
With London being one of the prime international business cities and an increasingly wealthy population snapping up properties as they appear on the residential market, it is almost certain that the office and apartment aspects of this development will be fully leased well in advance of the official opening in 2019. However, the question is whether the retail units will prove successful or, with tough competition in other areas of the city, developers would have been wiser to focus on providing Grade A office space for international corporations.
Do you think constructing yet more retail space in London is necessary, or is the key to successful modern complexes now to provide ample affordable office space for a number of companies to cohabit?
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