Oil giant to use Bankside scheme as its global headquarters

Landsec has said that its Timber Square scheme in London is set to be completed by Mace this month with more than half the space now let to oil and gas giant BP.

The developer announced this morning the multinational was taking all 192,000sq ft of the 15-storey Ink building as its new global headquarters. The deal means that 54% of the Southwark development, designed by Bennetts Associates, has been let.

Oliver Knight, head of workplace at Landsec, said: “BP is one of the biggest and most respected companies in the UK and their selection of Timber Square underscores the strength of demand for highly connected, sustainable workspace in locations like Bankside.”

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The Timber Square scheme has been designed by Bennetts Associates

Landsec said it was “seeing good customer interest in [Timber Square’s] remaining Print building, reflecting the continued demand for best-in-class workspace in prime central London locations”.

Last November, Landsec said the amount of money it plans to spend on capital expenditure would come down from £1bn to just £200m by the middle of this year. It said it was prioritising “acquisition opportunities in retail” instead of offices.

In an update this morning, Landsec said it was “seeing healthy interest” in its Thirty High project, which involves McLaren refurbishing the former 1960s office block in Victoria called Portland House. This is due to complete this summer – which the developer has previously said was several months late because of unspecified delays.

In January, Keltbray began demolition on Landsec’s stalled redevelopment at 55 Old Broad Street in the City of London.

Landsec agreed a funding deal with partner Ashby Capital, a private equity firm specialising in real estate, to kickstart work on the site. The scheme is due to be built by Skanska.

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