Canary Wharf Expects Boost in Lettings Following Shell Office Agreement
Following Shell’s announcement that they have agreed to let 187,000 sq ft of temporary office space in London’s Canary Wharf, the region is set for more good news as an influx of tenancy agreements are expected this summer.
Shell have taken 10 floors at 40 Bank Street for a term of 15 years, suggesting that the proof is in the pudding with regard to numerous reports over recent months claiming that central London’s property market is improving.
Another example is the long-awaited development of the Walkie Talkie tower on Fenchurch Street. Despite delays as a result of the recession, this particular development is expected to go ahead and the Canary Wharf Group are reportedly joining forces with Land Securities to complete the 500 ft high tower.
According to the Financial Times, the Walkie Talkie tower construction costs are expected to come in at about ┬ú350m and the development is due to start in September 2010.