Construction has begun on the new £1bn mixed use property redevelopment of the Shell Centre tower site on the South Bank of the river Thames.

Southbank Place is being developed by Braeburn Estates, a joint venture between Canary Wharf Group and Qatari Diar Real Estate Investment Company, and will retain the Shell Tower will remain the centrepiece of the site.

It will be framed by a cluster of seven complementary buildings for residential and business use, which will be constructed in phases from now until 2019.

Sir George Iacobescu, CEO, Canary Wharf Group, said: "This is an area that has long been neglected, but will offer the best of all worlds, from the bustling culture of the South Bank to some spectacular views of the most recognised landmarks in the Capital, the Houses of Parliament and Big Ben. Southbank Place is also playing a major role in the development of the local community by creating new jobs, providing affordable housing and stimulating the growth of local businesses through our South London Procurement Network initiative."

The development will have a new public square, pedestrian routes and an underground station. In addition to over 800 apartments in five buildings, two of the new buildings totalling 530,000 sq ft are being constructed for business use. Southbank Place will also be home to 48,000 sq ft of retail outlets, restaurants and cafés.