An opportunity seized.
One and Two Southbank Place represent 570,000 sq ft of next-generation office space in one of London’s most in-demand mixed-use destinations.
In 2015 we tabled a successful £550m bid to pre-purchase the buildings from Braeburn Estates, which was developing a further 1 million sq ft of residential and retail space in the area. By the time of the buildings’ completion in 2018, we had delivered on a deal to let One Southbank Place to Shell International and had pre-let Two Southbank Place to become the world’s largest location for flexible workspace visionaries WeWork.
Our decision to invest in One and Two Southbank Place was based on a conviction that the South Bank area has the accessibility to become as relevant commercially as it has long been culturally. In fact Southbank Place has become better connected than ever thanks to the provision of its own entrance to Waterloo Station, which offers almost 87 million commuters a year direct links to the West End, the City and Canary Wharf. Confident that our planned re-specification of the properties would add value, we have already seen our completed investment generate a stabilised rental income of over £32m per annum.
Stretching along the River Thames between the bridges of Westminster and Blackfriars, the South Bank is now delivering on its promise to become Central London’s ultimate mixed-use destination. Home to the National Theatre, the Royal Festival Hall and the London Eye, it boasts a burgeoning wealth of restaurants, cafes and shops aiming to serve the constant influx of locals, office workers and tourists drawn to this most stirring of riverside locations. Now, with the gleaming new office, residential and retail space that make up the 5.25-acre Southbank Place estate, its value to London has risen still further.
It was a real team effort to build one of the highest quality mixed-use schemes in London, which meant we attracted world-class tenants to an area previously under-valued and overlooked.Geoff Taylor, Project Director
Our investment in One and Two Southbank Place was as much a mark of faith in our project team as it was in the untapped potential of the area. Thanks to their years of commercial development experience in London, we were confident we could deliver the kind of resilient future-proofed offices that attract long-term tenants. And we also knew they had the skills to foster excellent landlord-tenant relationships and so ensure full occupancy and a level of performance beyond market expectations.
These buildings were the first new office buildings in Waterloo since 1988 and put the area back on the map from a commercial perspective in a way that it hasn't been for a very long time.Harry Chichester, Executive Director
The vibrancy of South Bank and convenience of Waterloo Station made Two Southbank Place the perfect addition to our global portfolio. It allows WeWork to satisfy the changing demands from occupiers, pivoting where we need to in order to stay ahead of the traditional office market. It was great to have Almacantar’s support and forward-thinking approach to give a platform to the flex space model in one of the most exciting new destinations in London.Patrick Nelson, Head of International Real Estate – WeWork