Qatar and Sellar buy London Bridge Quarter site
Posted by:
Victor Pardis on
29th April 2013
Market sources have said the partners have
bought out Sellar’s joint venture partners – CLS Holdings and the family trusts
of Simon Halabi – in Fielden House, Sellar Property Group’s long-term offices
at the heart of the London Bridge Quarter.
It was confirmed last Friday that CLS had
sold its one-third interest in joint venture Fielden House Investment to a
“strategic developer” but declined to name the purchaser.
The property was bought in November 2006 by
the joint venture as it built its holdings in the key London opportunity area.
This development marks the final separation in
a joint venture investment between Sellar, CLS Holdings and family trusts of
Syrian investor Simon Halabi.
CLS and Halabi initially joined Sellar as
equity investment partners; the trio subsequently went to court over the size
of Halabi’s stake.
The final agreement saw each owning a third of the venture.
The collapse of the property markets and the
complex relationship between the investor consortiums later held back progress.
It is understood that Sellar and the Qatar
consortium had noted Fielden House as a potential significant redevelopment
because of its strategic positioning between the Shard and The Place.
London Bridge Quarter already includes the
Shard, the 95-storey mixed-use tower completed in 2012, and the 600,000 sq ft
headquarters office building The Place which is on the verge of completion.
Both were designed by Renzo Piano.
Sellar Developments has been working with
architect Herzog de Meuron on three towers featuring homes, a hotel and shops
directly behind the Shard at the St Thomas Street and Bermondsey Street
junction and dubbed “The Shardettes”.
The development as a whole has already
rejuvenated London Bridge Station, delivering a new bus station and train
station concourse that will be linked by a central plaza opening this year.
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