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HB Reavis snaps up Elizabeth House to trigger South Bank regeneration

A global real estate developer has snapped up a high-profile office development near Waterloo Station which is set to unlock significant regeneration at South Bank.

HB Reavis has acquired Elizabeth House, known as One Waterloo, a nondescript 1960s office building which is set to be transformed into 945,000 sq ft of residential, office and retail space.

Planning permission has been in place for ten years for a new 29-storey building providing offices and resi units, alongside a smaller ten storey building supporting office and retail space, as well as a planned public realm.

The acquisition for an undisclosed amount from previous owners London & Regional and Chelsfield, is set to finally trigger development at the site which in turn is anticipated to unlock wider regeneration on the South Bank.

Tomas Jurdak, Chief Executive Officer at 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 acquisition means that HB Reavis now have four major development projects underway in the capital, adding the One Waterloo scheme to its developments in the City, Southwark and Farringdon.

Most notable of the four is its 33 Central scheme, a 225,000 sq ft new build office on King William Street in the City of London, which Wells Fargo acquired in 2016 to become its new London headquarters once it completes later this year.

Jurdak added: “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.”

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