Land Securities are said to be reconsidering plans to start work on their 500-foot London skyscraper, known as the Walkie-Talkie. The project – in common with many other new developments – was mothballed in 2008 when the commercial property market took a turn for the worse and the recession caused most large property companies to reconsider their position and shelve expansion in exchange for shoring up their balance sheets.
Now, with rents rising again, Land Sec are keen to take advantage of any uptick. Given the bottleneck forecast over the next few years, caused by a lack of new development, any such project could be timely.
The Walkie-Talkie, so called because its futuristic appearance brings to mind a two-way radio, is planned for construction at 20 Fenchurch Street, in London’s financial district – one of the hardest-hit areas but also one now enjoying substantial growth in its office space market.