CEE commercial property specialist HB Reavis has purchased the Elizabeth House site on London's Southbank for a figure rumoured to be in excess of £250 mln (€295 mln).
The vendors were London & Regional and Chelsfield, who had obtained detailed planning consent to deliver a major 1.4 million ft2 (130,000 m2) mixed-use scheme on the site combining commercial and residential components.
Designed by Sir David Chipperfield Architects and SOM, the scheme will deliver two new buildings reaching up to 29 storeys.
'Since the acquisition of Elizabeth House in 2010, our teams have worked hard to add significant value to site through achieving planning consent for a truly world-class mixed-use scheme,' commented Robert Burrow, CEO and co-chairman of Chelsfield.
Comprising 753,000 ft2 (70,000 m2) of net office accommodation, making this one of London’s largest office development transactions in recent years, the scheme also includes 192,000 ft2 (18,000 m) of residential accommodation, retail space, and two major new areas of public space.
Pavel Trenka, CEO of HB Reavis, 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 acquisition of Elizabeth House follows HB Reavis’ recent launch of the company’s flagship project Varso Place in Warsaw, a 140,000 m2 mixed-use scheme featuring a 310-metre Foster + Partners-designed tower which will be Central Europe’s tallest high-rise building once completed in 2020.
Comprising one of the largest co-working centers and public viewing decks in Warsaw, Varso Place will position itself as the leading destination for business from all over Europe, and will house international companies and start-up businessess.
HB Reavis currently has three London schemes under construction: 33 Central, a 21,000 m2 new build office on King William Street in the City; Cooper & Southwark, 7,000 m2 office building at 61 Southwark Street due to complete later in 2017, and 20 Farringdon Street , 7,500 m2 office building due to complete in 2018.
