LONDON-Oil company Shell, based in the Netherlands, is reportedly favoring a development plan by Canary Wharf Group for a new office complex on the South Bank, likely to cost up to $3 billion. PropertyWeek.com speculated Thursday that Canary Wharf, with financial backing from the government of Qatar, is the favorite developer among three competing plans.
Shell already has a large office complex on the site, a 27-story tower called Shell Centre on Belvedere Road, along the south bank of the Thames River. The company has moved out thousands of employees from the tower to temporary offices in the nearby Canary Wharf district, as Shell contemplates starting the new complex project by 2014. The tower will remain for the new project, and will likely gain more office and multifamily towers.
The development ventures competing for the project include Canary/Qatar, Development Securities/Carlyle and Chelsfield/CIT. Other developers such as British Land and Land Securities are believed to no longer be involved with the project.
Two spokesmen for Canary Wharf Group tell GlobeSt.com that they can’t comment on the matter. “It’s all purely speculation at this point,” one of the spokesman says. A spokeswoman for CB Richard Ellis confirms her company and Rothschild are representing Shell in the developer search. The PropertyWeek story can be read here.
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