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Songbird Estates plc
Ordinary Shares of 10 pence each ("Ordinary Shares")
ISIN code GB00B4MTF637
For immediate release 6 June 2014
SECRETARY OF STATE APPROVES SHELL CENTRE PLANS
The Secretary of State for the Department for Communities and Local Government has given the green light to plans for the redevelopment of the Shell Centre site on London's South Bank.
The announcement from Secretary of State, Eric Pickles, follows his decision to call in the planning application by developers Braeburn Estates in September 2013.
Braeburn Estates is a joint venture between Canary Wharf Group plc and Qatari Diar for the 1.45 million sq ft mixed use scheme, comprising offices, residential and retail which has been master planned by Squire and Partners.
Phased construction of this highly sustainable development is now due to commence in late summer.
Sir George Iacobescu, Chairman and Chief Executive Officer, Canary Wharf Group, said: "We are delighted that the Secretary of State has approved these plans. The project will deliver many significant local benefits with new jobs and employment programmes, hundreds of new homes including much needed affordable housing, together with new open spaces and a park. We feel privileged to have this opportunity to play a role in regenerating this popular but somewhat neglected area of London. We will continue to work closely with local stakeholders to ensure our move into the construction phase is as considerate as possible to the local community."
Qatari Diar Group's Chief Executive Officer, Mr. Khaled Al Sayed, continued: "Our priority is to get this construction project moving, so that businesses, residents and visitors to the local area start to reap the benefits of this fantastic scheme as soon as possible."
Director of the redevelopment for Shell, Richard Montgomery, described the redevelopment's importance to Shell: "The South Bank has been Shell's home in London for more than 50 years. This redevelopment will enable us to continue to make a positive contribution to the South Bank and wider Waterloo area's regeneration. It will also see Shell's London staff all based in one location for the first time in many years."
The 27-storey Shell Centre Tower will remain the centrepiece of the new site, and will continue to be owned and occupied by Shell. It will be complemented by eight new buildings, one of which will incorporate a further 245,000 sq ft of new offices and trading floors for Shell, enabling all of their 4,000 London-based staff to be located together on the South Bank for the first time.
Approximately 800,000 sq ft of office space (including the Shell Centre Tower), along with around 80,000 sq ft new retail units, restaurants and cafés, will be accompanied by approximately 800,000 sq ft of residential space incorporating up to 877 new homes, including affordable housing.
The construction, which will continue over an anticipated six-year period, will employ an average of 700 workers on-site rising to approximately 1,630 at the peak of construction.
- ENDS -
For further information please contact:
Songbird Estates plc
Tel: 020 7477 1000
Tel: 020 7418 2000
Notes to editors:
The list of architects contributing to specific scheme buildings is as follows:
· Masterplan - Squire and Partners
· Building 1 - office use; Squire and Partners
· Building 2 - office use; Kohn Pedersen Fox Associates (KPF)
· Building 3 - residential use; Patel Taylor
· Building 4A & 4B - residential use; Squire and Partners
· Building 5 - residential use; Stanton Williams
· Building 6 & 7 - residential use; GRID Architecture
· Landscaping and public realm; Townshend Landscape Architects
About the Shell Centre Redevelopment:
In July 2011 developers Qatari Diar and Canary Wharf Group signed an agreement with Royal Dutch Shell to redevelop the Shell Centre site on London's South Bank. The developers are taking the 5.25 acre site on a 999 year lease, with Shell remaining the freeholder. The development, initially consented in May 2013, will be mixed use comprising office, retail and residential space.
About Canary Wharf Group plc:
Canary Wharf Group plc is an integrated property development, investment and management group of companies. It is focussed on the design, construction, leasing and management of grade A office space and high-quality retail, residential and leisure facilities in central London. Over the past 20 years Canary Wharf Group has regenerated derelict wharves into one of the world's premier business and shopping districts, constructing over 16m sq ft of office space; more than any other company in London. These buildings are now occupied by over 100,000 people.
Canary Wharf Group's tenants, clients and occupiers include some of the world's leading business organisations from the media, legal, accounting, financial services, IT, energy and transport sectors. Canary Wharf Group has also developed and successfully let over 300 shops, bars, cafes and restaurants including many of Britain's leading brands.
In addition to development on the Canary Wharf Estate, the Group is also involved with projects across London. The Pan Peninsula and Drapers Gardens developments have been successfully completed and construction continues on 20 Fenchurch Street (Walkie Talkie) in the City of London which is already 87% let. The Group is also in a joint venture with Qatari Diar for the redevelopment of the Shell Centre on London's South Bank.
About Qatari Diar Real Estate Investment Company:
Wholly owned by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, Qatari Diar Real Estate Investment Company was established in February 2005 to support Qatar's growing economy and to co-ordinate the country's real estate development priorities. Qatari Diar is currently involved in more than 39 signature projects in more than 21 countries around the world with a combined value of over $35bn. Qatari Diar is becoming established as one of the world's most trusted and respected real estate companies because of its commitment to quality, local community, partnership and hallmark sustainability. Qatari Diar's hallmark vision of sustainable development places community and local traditions at the forefront. The company aims to create and manage property investments and developments which not only comply with the best international standards, but which also strongly reflect local culture and values. As a result, Qatari Diar's projects deliver a distinctive and sustainable social, economic and environmental benefit to the community. In addition, Qatari Diar often enables local and international developers and investors to partner in its projects, and to work together in exploring other opportunities, both locally and internationally. www.qataridiar.com
About Squire and Partners:
Squire and Partners are an award-winning architectural practice who have been designing and executing buildings on key sites in London and internationally for over 35 years. The practice's approach to design assumes that every site has its own history, character and needs. Derived from a sense of place, buildings respond to underlying themes of materiality, scale and proportion which are common to their locations, whilst revealing a commitment to contemporary design and detailing. Key projects include the Chelsea Barracks masterplan, One Tower Bridge, the Reiss Headquarters and the Knightsbridge Apartments. www.squireandpartners.com
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