Developer Land Securities today said it is pressing ahead with solving the Walkie-Talkie’s solar glare problems and will submit a planning application to affix giant sunshades to its City skyscraper next month.
The issues with the building — which reflected so much sunlight it scorched a parked car last year, leading wags to dub it the “Walkie-Scorchie” — have done nothing to deter tenant demand for the office space, which is 64% pre-let with a further 23% in solicitors’ hands.
Land Securities, jointly developing the building with Canary Wharf Group, has been working on the plans for the large “brise soleil” sunshades on the southern side of the building for the past six months and will submit them to the City Corporation, chief executive Rob Noel said.
He added: “We’ve got to make sure views inside the building do not change and the exterior does not change. We also have to look at the structural and thermal performance of the cladding.”
Noel warned against the issue overshadowing the demand for the skyscraper and said: “This is a success story for London.”
Land Securities has also fired the starting gun on another two developments in a buoyant London market amid recovering confidence and office space in short supply. The company has committed to a new £177 million office scheme at 1 New Street Square in the City as well as a smaller £66 million overhaul of 20 Eastbourne Terrace near Paddington station.
“This is all about a supply-constrained market which has been kicking in for a while,” Noel said. “You combine that with occupier interest pushing up and you have got a good market.”
Shares ticked up 1p higher to 1047p today as Peel Hunt analyst Kate Renn said: “There is potential for sizeable upside on major pre-lettings and rental growth across London offices.”
Residential landlord Grainger today agreed a deal to build 84 new homes in Kensington for the Royal Borough of Kensington & Chelsea. More than half will be for private rental, managed by Grainger on a 125-year lease.
