Sellar Property Group plans to build a 27-story residential tower near its Shard skyscraper on the south bank of the River Thames in London.
Fielden House, a 1970s office building on London Bridge Street, will be converted into about 150 apartments, Sellar said today in an e-mailed statement. Like the Shard, western Europe’s tallest skyscraper, the project will be developed in a partnership with the state of Qatar.
London’s luxury homes outperformed other types of U.K. real estate over the last four years as investors sought safe assets. Developers plan to build more than 20,000 high-end properties in London during the next decade, even as price gains slow, EC Harris LLP said on Nov. 25.
The apartment building, across the river from the City of London financial district, will be designed by Shard architect Renzo Piano, according to the statement. The residences will have a total of 160,000 square feet (14,900 square meters) of space, Sellar said. The building will also include retail space.
Sellar and Qatar have redeveloped several sites near the Shard including the Place office building. News Corp. in July agreed to move all of its London businesses into the Place.