Construction of Southbank Place, a mixed use property development on the Shell Centre tower site, officially begins today.
Southbank Place is being developed by Braeburn Estates, which is a joint venture between Canary Wharf Group and Qatari Diar Real Estate Investment Company. Following the demolition of the previous wings of the tower on the site, foundations are now being laid.
Canary Wharf Contractors is construction manager for the project.
The Shell Tower, built in 1961, will remain at the centre of the mixed-use development, framed by a cluster of seven residential and office towers, to be built in phases by 2019.
There will be 800 residential apartments in five buildings, of with 80% are already sold off plan.
Two of the new buildings totalling 49,000 m2 are being constructed for business use. Southbank Place will also have 4,500 m2 of retail outlets, restaurants and cafés.
The construction project will continue over the next four years and is anticipated to support more than 13,000 construction and supply chain jobs in total.
Canary Wharf Group chief executive Sir George Iacobescu said: “This is an area that has long been neglected, but will offer the best of all worlds, from the bustling culture of the South Bank to some spectacular views of the most recognised landmarks in the Capital, the Houses of Parliament and Big Ben. Southbank Place is also playing a major role in the development of the local community by creating new jobs, providing affordable housing and stimulating the growth of local businesses through our South London Procurement Network initiative.”