Land Securities reports that a planning application will be submitted next month to install sunshades at its 20 Fenchurch Street tower to solve the building’s solar glare issue.
The announcement came in the developer’s Third Quarter Interim Management Statement which was published today.
The statement also reports high levels of activity across the business and two new developments in central London.
20 Fenchurch Street hit the headlines last summer when sunlight reflected from its glass exterior caused damage to cars and properties in the street below. At one point a Sky News reporter demonstrated that the glare was hot enough to fry an egg and, briefly, the Walkie-Talkie earned a new moniker – the Walkie-Scorchie.
Together with development partner the Canary Wharf Group, Land Securities has been working on a solution to ensure the problem does not recur this summer and is now ready to submit its planning application.
The issue does not appear to have deterred tenant demand, as Land Securities reports that 64 per cent of the building’s office space has been pre-let and a further 23 per cent is in the hands of solicitors.
Just 42,700 sq ft of 20 Fenchurch Street’s 680,000 sq ft of top quality office space remains available and handover of the pre-let floors is on schedule for April.
Due to the buoyant London market, Land Securities has also announced two new developments in the capital.
At 1 New Street Square the company has committed to a £177m development that will provide over 270,000 sq ft of office space. This scheme will cost £177m and is due to be completed in June 2016.
Land Securities will also undertake the £66m redevelopment of a property at 20 Eastbourne Terrace. This 92,800 sq ft office scheme is expected to be completed in December 2015.
Previous Post
Leeds Arndale Centre sold to New Investor
