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Canary Wharf Group and Qatari Diar are set to co-develop a 5.25-acre mixed-use scheme, which will include about 800,000 square feet of office space between Waterloo Station and Hungerford Bridge. Residential space will amount to 800,000 square feet while there will be a further 80,000 square feet of new retail units. The famous 27-Storey Shell tower which is on the site will be preserved, although the plans show eight new residential and office buildings to be constructed by six architectural firms.
The chief executive office of the Qatari Diar Group, Eng. Mohammed bin Ali Al Hedfa, commented, “Our aim is to enhance an area in need of a renaissance, with a new mixed-use development of which London can be truly proud. We are confident that our proposed development will put a reinvigorated South Bank at its rightful place, at the capital’s heart.”
This is a dense development, sitting next to one of the busiest train stations in Europe. It is a massive sustainable move that will allow people to live and work in the same area. Subject to approval, the development will begin immediately and is scheduled to be completed in 2019.
“This will be a much-needed boost to the office market in London. As we have noted in recent times, demand has out-stripped supply where office space in London is concerned,’’ comments Eugene O’Sullivan, director at Morgan Pryce, London’s commercial property agent. He adds, “This is another prime example of the increasing number of overseas investors which has been seen over the few years, who seem to see London as a safe haven.”
Qatari Diar, the real estate company which will be working alongside Canary Wharf Group, was established in 2005 by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar. Qatar Diar has offices across the globe, including an office in Mayfair, at 77 Grosvenor Road, while its headquarters is situated in Doha, the capital city of Qatar.
As of January 2012, Qatari Diar is capitalised at US$4 billion and has more than 49 projects under development or at planning stage in Qatar and in 29 countries around the world, with a combined value of over US$35 billion.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.