Shell and Lend Lease have ended their joint venture agreement to carry out a £180 million mixed-use redevelopment of the oil giant's South Bank HQ, The Times reported on Thursday.
The companies said that the decision to terminate the agreement, which was signed in 2002, was mutual, as the strategic priorities of each partner had changed.
Arup Associates designed the Belvedere Court scheme for shopping, dining, leisure and 300,000 sq ft of offices. First announced in 2001, it was originally due to be completed by Autumn 2004.
The Times also reports that Shell has held talks with Land Securities, already a major property player in SE1, about becoming involved in the project, but no agreement has been made.
Shell told The Times that it was committed to the project in the medium term. The company denied that the end of the joint venture meant the Shell Centre would be sold after the consolidation of the group's headquarters in The Hague.
More than 3,000 Shell staff are based in the oil company's South Bank buildings.
• Planning permission for the scheme, which was subject to a planning inquiry, expires in 2009.
For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.
7,000+ locals read it every week. Can you afford to miss out?
Read the latest issue before signing up