International real estate developer HB Reavis announced today the acquisition of Elizabeth House, a site on London’s South Bank known as One Waterloo, where an 88 000 m² development has been granted planning permission. The purchase price was undisclosed.
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 ten 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 88 000 m² of development, including 70 000 m² of commercial floorspace, 142 homes and public space totalling 18,000 m².
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.”
Pavel Trenka, CEO, HB Reavis Group, commented on the deal: “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!"