Land Securities in JV with Canary Wharf Group

19th Oct 2010 07:59

Real estate investment trust Land Securities has formed a joint venture with the Canary Wharf Group to develop a property, known as the 'walkie-talkie tower' in Fenchurch Street, London.The existing property, currently a cleared site with some ancillary retail neighbouring holdings, has been sold by Land Securities to the 50/50 partnership at a price of £90.2m, in line with the March 2010 valuation.Planning consent for the proposed 37 storey building was granted in October 2009. It will provide about 690,000 square feet of space in floor plate sizes of 14,000 square feet to 28,000 square feet with a sky garden on the top three floors.The development cost is expected to be in the region of £500m and is expected to be completed in the second quarter of 2014.