Multi-million pound Waterloo scheme gets a boost

International real estate developer HB Reavis has announced the acquisition of Elizabeth House, a site on London’s South Bank known as One Waterloo, where an 88,000m² 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 London’s South Bank.

The proposed new development comprises a 29-storey building to the north (118m in height) providing offices and residential units and a 10-storey building to the south providing office and retail space.

Overall the scheme delivers 88,000m² of development, including 70,000m² of commercial floor space, 142 homes and public space totalling 18,000m².

HB Reavis UK CEO Tomas Jurdak 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 place-making.

“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.”