The companies would each contribute 150 million pounds to develop a 5.25-acre office, residential and retail scheme around a 27-story tower that contains Royal Dutch Shell’s London headquarters and which the oil major will still own. 

Shell would also take a 210,000 square feet pre-let of one of the new office buildings to be constructed on the site, which is near the London Eye tourism attraction on the south bank of the River Thames. 

Canary Wharf Group is majority owned by Songbird Estates.

The development, which is subject to planning permission, would be Canary Wharf Group’s fourth project away from the financial district that carries its name in east London.

It is also developing the skyscraper known as the Walkie-Talkie with Land Securities in the City.

“Discussions will now commence with local planning authorities and relevant stakeholders to establish planning consent, detailed designs and a timetable for construction for a project that will re-energize an important section of the South Bank,” Canary Wharf said in a statement.