Real estate developer HB Reavis has acquired a site in London’s South Bank, known as One Waterloo, with planning permission for an 88,000 sq m development.
The proposed development will include a 29-storey building to the north providing offices and residential units and a 10-storey building to the south featuring office and retail space.
The scheme will feature 70,000 sq m of commercial floorspace, 142 homes and 18,000 sq m of public space.
Elizabeth House has been earmarked for redevelopment for more than ten years.
Pavel Trenka, HB Reavis Group CEO, said: “In recent months we have been asked about our perspective and commitment to the London market. This deal – our largest yet in the UK – affirms our long-term commitment and aligns with our plan to position one third of our business operations in London by 2019.
“The development joins a list of major schemes of similar size and urban scale across our other markets including Varso Place in Warsaw, Agora in Budapest and NIVY/Twin City in Bratislava. Both Elizabeth House and Varso Place are unique due to their extraordinary vicinity to major transportation hubs and their scale and prominence provide an endless range of user experiences. These are the development opportunities we live for!”
The developer has three London schemes currently under construction: the 33 Central, a 21,000 sq m office building on King William Street, the Cooper & Southwark, a 7,000 sq m office building at 61 Southwark Street, and the 20 Farringdon Street, which will provide 7,500 sq m of office space.
* For more information on the UK construction market, visit the Construction Intelligence Center Report Store.