Almacantar has completed the forward purchase of two significant office developments from Braeburn Estates, a joint venture between Canary Wharf and Qatari Diar.

Almacantar has claimed that the transaction, at over £550m, is the largest property deal ever completed on London’s South Bank.

Bob Sturges, Head of Communications at Omni Capital, does not see the demand for property in London declining.

He told B&C: "Demand for prime office space in central London continues unabated despite the capital being by far Europe's most expensive city in which to rent.

“London's closest rivals - Moscow and Paris - look positively cheap in comparison, as do most of its international competitors. “

"This demand is set to continue as the benefits of improved transport infrastructure - Crossrail - and a more pragmatic approach to banking regulation begin to make themselves felt.

“What this latest announcement shows is that prime development opportunities in London - whether commercial or residential - continue to attract the attention of those with the deepest pockets and a visionary outlook.

"This is essential if the metropolis is to maintain its position at the forefront of world cities."

The two properties, set to be completed in 2018, will provide nearly 600,000 sq ft of office space and will be situated opposite Whitehall and the Houses of Parliament.

One Southbank Place will the new headquarters for Shell International and has already been pre-let to Shell for 20 years.

Two Southbank Place will be marketed and leased to occupiers once completed in 2018.

Mike Hussey, Chief Executive of Almacantar, said: “One and Two Southbank Place is a worthy addition to our portfolio of high quality assets.”

“We feel that the area around Waterloo Station has the potential to grow into one of the best mixed use destinations in London and we are excited to be working with Shell and Braeburn in overseeing the transformation of the area.”