Work to start on Viñoly's Walkie Talkie tower
Work is to begin on Rafael Viñoly’s stalled Walkie Talkie tower following a deal struck between Land Securities and Canary Wharf Group
The joint venture, worth £500million, also has support from groups in China and Qatar and confirms rumours of a re-awakening of the project back in May.
Docklands estate owner Canary Wharf bought half of the 64,000m² tower 20 Fenchurch Street project for around £250 million and its parent company, Songbird, is aiming to attract investors from China Investment Corporation, Qatar Holdings and Morgan Stanley - three of its main shareholders.The project is expected to get under way by early 2011, as demand for London office space is reportedly high.
The Songbird trio will each take at least 10 per cent of the project, Land Securities will own half and the remainder will be held by Canary Wharf.
Known as the Walkie Talkie because of its concave shape, the building will be 150-metres high.