Development to restart on Walkie Talkie office tower in City of London
Development is expected to be restarted soon on the London skyscraper known as the Walkie Talkie tower, located in the capital’s prime financial district, in response to a shortage of office space.
The project was postponed in 2008, but is now expected to be restarted as developers are looking to react to a looming shortage of office space in the City, and are taking advantage of cheaper construction costs.
The tower is due to be constructed at 20 Fenchurch Street, close to the Fenchurch Street train station and the Monument tube stop.
Land Securities Group Plc, the UK’s largest real estate investment trust, are behind the project. Speaking to Business Week, spokesman Donal McCabe said:
“Our aspiration remains to build 20 Fenchurch Street. Construction costs generally have reduced over the last 12 months, so it should come as no surprise if we were to market-test any of our potential schemes.”
Land Securities Group Plc are currently in the process of gathering estimates for the 155-meter building from construction firms.