Qatari Diar, Qatar’s leading real estate developer, has announced the resumption of development works at Shell Centre in London after winning a court ruling authorizing the Southbank Place project.
The Southbank Place is a joint venture between Qatari Diar and the Canary Wharf Group located near the London Eye on the south bank of the River Thames.
Excavation works will kick off at the project site in September 2015, paving the way for the launch of construction works in the spring of 2016.
Qatari Diar Group CEO Khaled Al Sayed described the court ruling as a testament to Qatari Diar’s commitment to the development of projects that contribute positively to society.
“The Southbank Place project will represent an important addition to Qatari Diar’s portfolio of unique ventures around the world,” he said.
Al Sayed added that Qatari Diar will pursue its growth strategy in the UK real estate market, highlighting that the company has expanded over the past few years its portfolio of global projects with the launch of the CityCenterDC project in Washington in 2014.
Saad Al Otaibi, Executive Director-Development at Qatari Diar, said the Southbank Place project represents one of the largest real estate ventures in London, combining both contemporary and traditional elements of Britain architecture.
The project will cover a surface area of 442,000 square foot including 1.6 million square foot of mixed use built-up-area in addition to the iconic 27-storey tower in the middle of the Shell Centre, which will be preserved and retained by Shell.
Al Otaibi added that the project will comprise eight new buildings, covering over 800,000 square foot of office space, 80,000 square foot of retail space and 800,000 square foot of residential space comprising 790 residential units.
H.E Sheikh Jassim Bin Khalifa Al Thani, Qatari Diar’s Director of Development in the United States and Europe, said the firm will launch the first stage of sales at Southbank Place simultaneously in Doha and London in the fourth quarter of 2015.
He added that construction works are expected to be completed in 2019.                                      
The well-known Shell Centre Tower will remain the centrepiece of the new site, Sheikh Jassem stressed, adding that the project will feature the expansion of both Chicheley Street, which will connect residents to the London Eye and the ‘city square’ which is situated at the heart of the Southbank Place project.
Last month, Qatari Diar won a court ruling authorizing the company and its partner “Canary Wharf” to resume development works at the Southbank Place project.
The High Court in London ruled in favour of Qatari Diar and its partner "Canary Wharf" who were being challenged on grounds of “architectural distortions” despite obtaining in May 2012 the approval of the Lambeth council for the development of the Southbank Place project.
The project incorporates a highly efficient energy centre which will reduce the carbon footprint of the site. The system will be designed to interconnect with a district heating network being explored for the wider South Bank area.
In July 2011, Qatari Diar and Canary Wharf Group concluded an agreement with Shell International to redevelop the Shell Centre site at South Bank, in the heart of London.
In accordance with the agreement, Canary Wharf Group and Qatari Diar secured the 5.25 acre project site on a 999 year lease.
The development will be mixed use, comprising office, retail and residential space. The well-known 27 storey tower in the middle of the Shell Centre will be preserved and retained by Shell.Shell will also rent 210,000 square foot of new office buildings to be constructed on the site which will host its entire London workforce upon completion of the redevelopment.