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Tower construction revived as property market recovers

Confidence has returned to London’s tall buildings market with two major tower projects mothballed in 2008 set to be resurrected.

Work to resume

Developers Land Securities and British Land have both announced plans to resume work on their flagship City of London towers.

Land Securities said it was to restart talks with developers to work with it on the 155m tall “Walkie Talkie” tower at 20 Fenchurch Street.

It is looking to start work on site in early 2011 and complete it in 2014.

British Land said it was “considering” restarting its 226m tall “Cheesegrater” project at Leadenhall.

Space shortage

Cost consultant Turner & Townsend said the boom was due to a recent surge in rents and a looming shortage of high quality office space.

Turner & Townsend managing director Steve McGuckin said the investment market was buoyant and that good quality properties on the market are now being snapped up.

Land Securities said that economic activity and retail growth was heading in the “right direction” and that demand for high quality office space in the City would rise in the next few years.

“There were a lot of leases signed in the late 1980s and early 1990s for 25 years, and again in the late 1990s/early 2000s for 15 years,” said a spokesman.

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