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The building, known as the “Walkie Talkie” due to its shape, is due to open in 2014 will be among the tallest and the most striking buildings in the capital. The construction work will be carried out by Britain’s biggest property developer, Land Securities.
This is the second high-value project that has been given the go ahead in the Square Mile, and comes after the UK recorded its highest growth in many years – a sign that confidence is returning to the City.
The building is set to be completed in the last quarter of 2014, when many offices in the City leases will expire. Tenants have not been secured yet but, according to the Guardian, Aon is thought to be in discussion with Land Securities over taking 250,000 square feet of the total 690,000 square feet which will be available at the Walkie Talkie tower. The tower will also benefit from 23,000 square feet of retail space. Morgan Pryce, London’s commercial property agent, believes the property could command rents of around £55 per square foot, delivering a healthy return to the developers.
Tom Lax, Senior Surveyor at Morgan Pryce comments, “Morgan Pryce welcomes an additional office development given the fact that demand is currently outstripping supply”.
The recession forced many property developers to put their projects on hold, but as the commercial property market has recovered a great deal since last summer, the amount of office space in the City has increased rapidly – by almost 25% this year.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.