Shell signs £300m redevelopment

Property developers Canary Wharf Group and Qatari Diar have won a £300m contract to redevelop Royal Dutch Shell’s headquarters near Waterloo station, Shell confirmed yesterday. The two developers will each contribute £150m to the deal, which will see houses, offices and shops built on the five-acre site surrounding the 1950s tower in central London. Shell first announced plans to rejuvenate the site in 1997 but the scheme was put on hold. George Iacobescu CBE, chief executive of Canary Wharf Group, said: “It is both a privilege and a great responsibility to be involved in this redevelopment project.”