INDUSTRY NEWS

Boris approves £1bn Shell Centre London office, home and retail schem

A major redevelopment of London’s South Bank into a London office based mixed-use site has now been given the go ahead by the Mayor of London, Boris Johnson.

Canary Wharf Group originally received planning permission from Lambeth Council for the major £1bn construction development involving eight towers back in May, but it still needed to receive the Mayor’s backing before getting the green light.

The 1.45 million sq ft scheme, set to be known as Braeburn Estates, will see the 1960’s office building turned into a plethora of new London offices, homes and retail spaces.

Mayor Boris Johnson said: “This scheme will provide a huge economic boost for Lambeth and paves the way for hundreds of much needed new homes and jobs in the area.

“The application will deliver some truly world class architecture to the South Bank of the Thames, and having considered the plans very closely I’m in no doubt that they should proceed.”

Used by Shell as its international HQ since the 1960s, the tower will remain as a centre piece to the rest of the new building, but Shell is set to use the expansion to move into a further 245,00 sq ft of London office space provided by one of the new buildings.

Canary Wharf Group, chairman and chief executive,  Sir George Iacobescu, said: “By approving our exceptional plans for the Shell Centre site, the Mayor has taken us one step closer to a development which will bring fantastic opportunities to this area of the South Bank.

“This landmark step means that we can keep moving forward towards commencing work on site later this year.

“It has been fantastic to see such engagement from people in the local community throughout our extensive consultation process.

“We will continue to work closely with them to ensure that we understand local needs and continue to find ways for this development to benefit everybody in the area.”

Canary Wharf Group predict work on the site will be completed by 2019.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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