Royal Dutch Shell have announced plans to move to Canary Wharf for the next ten years, whilst the Shell Centre headquarters in Waterloo are redeveloped.
The oil firm are currently negotiating a ten-year lease on 200,000 sq ft of office space in 40 Bank Street, which is close to One Canada Square, so that they will continue to have a working headquarters in London during the redevelopment.
CB Richard Ellis have been advising Shell during the search for replacement office space. The project was codenamed ‘Project Thunderbird’ by Shell.
Shell have reported a $1 billion amount of savings in the last quarter of 2009, despite profits dropping during the recession.
They currently own seven acres of prime central London real estate, and have done so for over fifty years. Their properties include a 24-storey tower opposite the Palace of Westminster, at the side of the Thames.
The search for office space to house the temporary head quarters had been undergoing for several years, to help make sure they remain in London, and to make sure they can keep employing the staff they have, rather than a major relocation which would cause job losses.
“Shell will remain a major employer in the area with established connections to the local community,” says a spokesman for the firm.
The redevelopment of the HQ in Waterloo is part of a major project to regenerate the area, and should prove interesting over the next few years. The area is facing some radical and striking changes, which should make for some exciting developments in architecture and planning.