Almacantar completes £550m Shell Centre office buy
Property Week

Almacantar completes £550m Shell Centre office buy

Hannah Brenton

The developer has bought the site from Braeburn Estates, a joint venture between Canary Wharf and Qatari Diar, for more than £550m – making it the largest property deal ever completed on London’s South Bank.

Almacantar has been under offer to buy the buildings for more than a year as the scheme went through a lengthy legal appeal.

One and Two Southbank Place will provide 572,616 sq ft of office space in two buildings when completed in 2018.

The buildings form part of the 1.5m sq ft Southbank Place redevelopment at the Shell Centre site being undertaken by Braeburn Estates, which occupies a prime 5.5-acre site on the south side of the River Thames, opposite Whitehall and the Houses of Parliament.

One Southbank Place will be a new landmark headquarters for Shell International’s downstream business.

It is fully pre-let to Shell for 20 years and consists of 272,938 sq ft of office space and two retail units on the ground floor.

Two Southbank Place is a 297,678 sq ft speculative office and retail development that Almacantar will market and lease to occupiers.

The office accommodation will have five winter gardens, a roof terrace and entertaining space with panoramic views over the River Thames. It will be ready for occupation during 2018.

Canary Wharf and Qatari Diar will have full responsibility for the construction and delivery of the buildings.

The acquisition is being financed through a loan facility from Cain Hoy, the private investment company.

Mike Hussey, chief executive of Almacantar, said: “One and Two 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.”

— Hannah Brenton