Shell has taken residence in Canary Wharf as it seeks a commercial development partner for its permanent home.
A major energy company has temporarily moved its HQ to a
commercial development in Canary Wharf, it has been announced.
The Canary Wharf Group (CWG) has confirmed that Shell will be moving into 187,000 sq ft of office space at 40 Bank Street.
A lease period of 15 years has been agreed, although there is an option for a tenant break after ten, which would incur a 12-month penalty charge.
The energy giant will now seek a commercial development partner to help refurbish its permanent home.
George Iacobescu, chief executive of CWG, welcomed the deal, saying: "[Shell] is a worthy addition to the increasingly diverse range of occupants.
"The letting is also a demonstration of the continuing attraction of our high-specification office space and flexible approach in meeting occupier's needs."
A number of investors recently told the Financial Times that capital growth rates are expected to plateau, meaning rental yields are now the key consideration when making a commercial
property investment.
Posted by Tess Nelson.
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