Land Securities Press Ahead with New London Office Tower
A leading city development company has announced its plans to push forward with a landmark London office Tower. Land Securities are planning to build a 37 storey construction that’s been dubbed ‘Walkie Talkie’ tower, on Fenchuch street.
Land Securities has announced that it is pushing forward with the construction of the much talked about ‘Walkie Talkie’ building at 20 Fenchurch Street in the City of London. This is despite the fact that the company has not yet secured a pre-let for the new London office tower.
Work commenced in January on the Rafael Vinoly designed building which, when complete will provide a 37 storey commercial property providing 690,000 square feet of prime office space in the City. Each floor of the London office tower will offer 360 degree views, in addition to a public sky garden.
The site at 20 Fenchurch street will bring Grade A office space to a struggling Central London market as of 2014 as many leases are expected to expire or see breaks potentially exercised per annum during the next four years. The work to deliver the scheme is expected to create approximately 3,000 jobs throughout the development process.
Commenting in the Land Securities half year report released yesterday, Chief Executive Francis Salway said: “Work on site at this joint venture project with Canary Wharf Group continues, with a commitment to deliver the scheme in spring 2014.
“Of the new office towers planned for the City, we expect our building to be the first to complete and that the supply of office space around this time will not be as great as some forecasts predict,” he added.
Last week Land Securities announced that Westminster City Council has granted planning consent for the development of 203,000 square feet of new office space in Victoria, at Kingsgate House, 66-74 Victoria Street.
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