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Canary Wharf Group has signed a joint venture agreement with Qatari Diar to redevelop one of the largest development sites in London.

The two firms have entered a 50:50 agreement to overhaul the Shell Centre on the South Bank, which is owned by the oil giant of the same name.

The deal marks Canary Wharf鈥檚 second foray into central London after starting work on a similar JV with Land Securities, on the 鈥榃alkie Talkie tower on Fenchurch Street, in January.

It is also the latest site to be slated for redevelopment on London鈥檚 South Bank, after King鈥檚 Reach building, Sea Container鈥檚 House, the Tate Modern extension and the London Bridge quarter.

Canary Wharf Group will act as the construction manager for the project and will also be joint development manager with Qatari Diar.

The development will be mixed-use, incorporating office, retail and residential space.

The well known fifties, 27-storey tower in the middle of the Shell Centre will be preserved and retained by Shell. Shell will also take a 210,000ft² pre-let of one of the new office buildings to be constructed on the site.

Canary Wharf and Qatari Diar will contribute 拢150m each to secure the 5.25 acre site on a 999 year lease.

The aggregate 拢300m payment for the site is conditional on planning permission being received for the project within three years.

George Iacobescu CBE, chairman and chief executive of Canary Wharf Group said: 鈥淭he South Bank is one of London鈥檚 best loved places.

鈥淚t is both a privilege and a great responsibility to be involved in this redevelopment project, which will re-energise a key part of this area of London. 

鈥淲e look forward to working with our partner Qatari Diar, the local community and with Shell to enhance the London economy and the vibrancy of the South Bank.鈥�

Mohammed bin Ali Al Hedfa, group CEO of Qatari Diar said: 鈥淨atari Diar is delighted to have signed this agreement with Shell. 

鈥淲e look forward to working with our partners at Canary Wharf Group and the local community to redevelop this iconic location.

鈥淲hen Qatari Diar begins any new project we are entering into a long-lasting commitment with our partners and the wider community to leave a positive cultural, environmental and sustainable footprint.鈥�