Land Securities considers City office revival

Office design news from Morgan Lovell

Published on 02-03-2010

Office developer Land Securities has consulted contractors in regard to resurrecting its mothballed "Walkie-Talkie" tower project in central London.

Francis Salway, chief executive of Land Securities, stated in January that the firm is planning to carry out three major office construction schemes in London's West End during 2010 at a combined cost of £655 million.

However, he recently alluded that the firm could be set to revive its plans for the development of 600,000 sq ft of new office space in the City as well.

At present, the company is only at the consultation phase and is unsure whether the project will be commercially viable given the present state of the office interior market in the UK.

The scheme was initially put on hold in 2008 due to concerns about the economy, but recent forecasts by a number of office agents that rents could be about to grow in the City due to a lack of first-class office space could make the project financially sound once more.

Posted by Paul Kelly.