Canary Wharf owner Songbird Estates has won approval to redevelop the Shell Centre site on London's South Bank.

Songbird said the UK government had given the green light to its Braeburn Estates joint venture between its Canary Wharf Group and real estate investor Qatari Diar to develop the 1.45m sq ft mixed use scheme, comprising offices, up to 877 homes and shops.

Phased construction of the development is due to begin in late summer.

The 27-storey Shell Centre Tower will remain the focus of the new site and will continue to be owned and occupied by Shell. It will be complemented by eight new buildings, one of which will incorporate a further 245,000 sq ft of new offices and trading floors for Shell, enabling all their 4,000 London-based staff to be together on the South Bank for the first time.

Chairman and Chief Executive of Canary Wharf Group Sir George Iacobescu said: "The project will provide many significant local benefits with new jobs and employment programmes, hundreds of new homes including much needed affordable housing, together with new open spaces and a park."

Songbird Estates' shares rose 3.4p or 1.3% to 255p at 11:46 in London.

PW

Related share prices
Songbird Estates (SBD) share price