HB Reavis Considers Refurbishing Rather Than Redeveloping Elizabeth House

HB Reavis is exploring a refurbishment of Elizabeth House at Waterloo, marking a significant shift from its longstanding plans to redevelop the site with a landmark office tower.

The developer has begun discussions with potential project teams as it assesses options for the prominent London asset in a move that comes after repeated delays to the consented redevelopment scheme designed by AHMM, Building reported. That would replace the existing building with a 31-storey, office-led development.

HB Reavis has been engaging with Lambeth Council ahead of a potential planning submission, which is expected within the coming months. One option is refurbishment of the existing 16-storey structure amid changing demand dynamics and costs for large-scale, speculative developments.

The approved redevelopment, which secured planning permission nearly seven years ago and received final approval in April 2021, was valued at approximately £600M when consent was granted in 2017.

But since then, construction costs have soared. The scheme proposed roughly 1.2M SF of office and retail space, making it larger than several of London's most prominent commercial developments.

"We continue to explore all options for development at Elizabeth House and are committed to bringing this project forward in collaboration with key local stakeholders,” HB Reavis told Bisnow in a statement.

Under the current consent, the 1960s building, originally designed by John Poulson Architects, would be demolished and replaced by a 31-storey tower alongside a more than 650-foot-long podium building running adjacent to Waterloo Station.

The project has faced a series of setbacks since securing approval. Two years ago, Transport for London announced that HB Reavis had "paused" the scheme following a dispute relating to a lift shaft. Last year, the developer submitted plans for an 18-month "meanwhile" use of the site, further signalling delays to construction.

HB Reavis acquired Elizabeth House in 2017 from London & Regional and Chelsfield for an undisclosed price.

An earlier scheme designed by Chipperfield became the subject of a lengthy planning process after being called in by then-Communities Secretary Eric Pickles in 2013. The proposal was ultimately approved by a High Court judge the following year.

Separately, earlier this year, HB Reavis received planning approval from Lambeth Council’s Planning Applications Committee for the redevelopment of 10 Leake Street, around 50 yards from London Waterloo Station. The consented scheme will convert an old office building into a 233-room purpose-built student accommodation development.