One and Two Southbank Place top-out
Property Funds World

One and Two Southbank Place top-out

One and Two Southbank Place, a collection of commercial buildings delivering a combined 572,327 sq ft of office space, have topped out, as the major riverside development takes shape.

Almacantar acquired the two buildings, from joint developers Qatari Diar and Canary Wharf Group, for GBP550 million in 2015 and have since named Shell and WeWork as its anchor tenants.

The 272,450 sq ft One Southbank Place has been pre-let to Shell, which will use the building as its headquarters for their downstream business. Meanwhile, WeWork will occupy the majority of the 299,877 sq ft Two Southbank Place, agreeing to let 280,000 sq ft of office space. Confirmed retail occupiers of the numerous ground floor retail units include Marks & Spencer, Gail’s Bakery and prime estate agent Knight Frank.

The two commercial buildings face onto York Road close to the new direct entrance to London Waterloo station. One Southbank Place has been designed by the renowned architecture practice Squire & Partners, whilst prime property specialists Kohn Pedersen Fox Associates are behind the futuristic designs for Number Two.

Harry Chichester, Asset Director at Almacantar, says: “Canary Wharf Group and Qatari Diar are creating one of the highest quality mixed-use projects in Central London and we’re delighted that so many exceptional businesses have chosen Southbank Place. Canary Wharf Contractors are doing an excellent job and we look forward to One and Two Southbank Place completing next year.”

Richard Lines, Director of Construction at Canary Wharf Contractors, says: “It has been a great team effort to reach this significant milestone in just over two years from start of demolition. I want to thank all the consultants, the contractors and my own team for their contributions to this success. Safety of the workforce has been paramount in getting to this point, as has establishing excellent relationships with the local community. We intend to build on these relationships and look forward to completion of this phase of the project in 2018.”

The wider project features seven uniquely designed buildings, providing a combined 1.5 million sq ft of residential, commercial and retail space. The development will also include a prominent piazza and collection of public squares providing the perfect destination in which to live and work.

The mixed use scheme is a major source of job creation, presenting new opportunities for employment both during construction and in the long-term. Once completed the development is expected to provide over 6,000 jobs, while the construction project will continue over the next two years and is anticipated to have supported over 13,000 construction and supply chain jobs over the lifetime of the build process.