The site – which sits adjacent to Waterloo Station – has been granted planning permission to deliver two new buildings.

The proposed new development comprises a 29-storey building providing offices and residential units and a 10-storey building offering office and retail space. 

The scheme will bring 88,000 sqm of development, including 70,000 sqm of commercial floorspace, 142 homes and public space totalling 18,000 sqm.

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Tomas Jurdak, CEO of HB Reavis UK, said: “We’re excited to add Elizabeth House to our portfolio. 

“The development provides a unique opportunity for us to deliver a building that will transform the area through our considered approach to development and placemaking. 

“The deal aligns with our strategy of acquiring well-located sites in London with significant potential to deliver innovative, contemporary office schemes that employ the latest technology, are heavily focused on the needs of their occupiers and improve life for those who use our buildings as well as the surrounding community.”

The existing Elizabeth House site is a 1960s office block that has been earmarked for redevelopment for over 10 years.

“This deal – our largest yet in the UK – affirms our long-term commitment and aligns with our plan to position one third of our business operations in London by 2019,” added Pavel Trenka, CEO of HB Reavis Group.

“The development joins a list of major schemes of similar size and urban scale across our other markets including Varso Place in Warsaw, Agora in Budapest and NIVY/Twin City in Bratislava. 

“Both Elizabeth House and Varso Place are unique due to their extraordinary vicinity to major transportation hubs and their scale and prominence provide an endless range of user experiences. 

“These are the development opportunities we live for.”