Shell International has officially selected the locally based Canary Wharf Group and Qatari Diar Real Estate Co. as the developer of the oil firm’s planned South Bank office complex, reported to likely cost up to $3 billion. The venture has paid $429 million to secure a 5.3-acre site on a 999-year lease.
Both venture firms contributed 50% of the cost of the land purchase. The total payment is conditional on planning permission being received for the project within three years, according to a Canary Wharf statement.
Shell already has a 27-story office tower on the site called Shell Centre, on Belvidere Road along the south bank of the Thames River. The company has moved its thousands of employees out of the building, and will likely redevelop the tower as a mixed-use office and apartment complex.
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