International real estate developer HB Reavis has acquired Elizabeth House, a site on London’s South Bank known as One Waterloo, where a 945,000 sq ft development has been granted planning permission.
The acquisition of the high profile office-led development on York Road next to Waterloo Station from London & Regional and Chelsfield adds a fourth development to the HB Reavis London portfolio.
Elizabeth House is a dated 1960s office building that has been earmarked for redevelopment for more than 10 years. It has planning permission for two new buildings and public realm and the plans are expected to spark wider regeneration in this strategically important and well-connected area of the South Bank.
The proposed new development comprises a 29-storey building to the north (118 metres in height) providing offices and residential units and a 10-storey building to the south providing office and retail space. The scheme delivers 945,000 sq ft of development, including 753,000 sq ft of commercial floorspace, 142 homes and public space totalling 192,000 sq ft.
Tomas Jurdak, CEO, HB Reavis UK, said: “We’re excited to add Elizabeth House to our portfolio. The development provides a unique opportunity for us to deliver a building that will transform the area through our considered approach to development and placemaking.
"The deal aligns with our strategy of acquiring well-located sites in London with significant potential to deliver innovative, contemporary office schemes that employ the latest technology, are heavily focused on the needs of their occupiers and improve life for those who use our buildings as well as the surrounding community.”
HB Reavis currently has three London schemes under construction:
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans. For more information visit www.togethermoney.com
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