Last week it was announced that the International real estate development company, HB Reavis, has acquired Elizabeth House. The site is located on London’s South Bank known as One Waterloo. The 945,000 sq. ft. development on this site has been given planning permission. This acquisition is the fourth development for the London portfolio of HB Reavis. The project is an office-led development and is situated on York Road and next to Waterloo Stations. This high-profile development has been ear-marked for regeneration for over ten years. Elizabeth House is a 1960s office building that is looking dated and in need or refurbishment. It is thought that planning permission has been granted for two new buildings to be constructed. There is the possibility that this permission will lead to wider regeneration in the surrounding area. Elizabeth house, though dated, is located in a strategically import and well-connected section of the South Bank, so wide regeneration plans will be positive.

The proposed new development will be made up if a 29 story building to the north of the site that will hold offices and residential units and a 10 storey building that s located in the south of the site that will provide office and retail space. The proposed development scheme will create a 945,000 sq. ft. of developed space which will include 753,000 sq. ft. of commercial floor space and 142 homes. There will also be public space that will amounts to 192,000 sq. ft.

For HB Reavis, Elizabeth house is a great property to have in their portfolio, especially since it has been considered for development for more than a decade. This successful acquisition follows the launch of the company’s flagship project, Varso Place in Warsaw. Varso Place is a 1.5 million sq. ft. mixed use development scheme that will be Europe’s tallest high rise building when it is completed in 2020