Nabarro advises Land Securities Group plc on new Walkie talkie London skyscraper

Nabarro has assisted Land Securities Group Plc on a 50.50 joint venture (“the Partnership”), with Canary Wharf Group Plc to develop 20 Fenchurch Street into one of London’s largest skyscrapers, the Walkie Talkie. The property has been sold by Land Securities to the Partnership at a price of £90.2 million and the total development cost for the construction is estimated to be £500m.

This joint venture brings together two of the largest real estate companies in London to deliver one of the most publicised projects in the City. Planning consent for the proposed 37 storey building was granted in October 2009. It will provide approximately 690,000 sq ft of world class space with a sky garden on the top three floors.

Nabarro advised Land Securities on the complexities of a major development project and joint venture and ensured they were fully aware of the commercial dynamics involved.

The Nabarro team was led by real estate partners Caroline Maude, Marc Franks and Deborah Parry, construction partner Matthew Jones, corporate partner Chris Luck and tax partner, Michael Cant with assistance from Venn King, Fiona Hicks-Wright, Cheryl Gurnham and Philip Anderson. Canary Wharf Group were assisted by Berwin Leighton Paisner

Caroline Maude, real estate partner at Nabarro comments:

“We are pleased to have worked with long standing client Land Securities on yet another exciting deal. We have of course all seen the trend for new skyscrapers being planned within the City to meet expected tenant demand in the next few years, so we hope there will be many similar deals to come. Working on projects like this further showcases our strength in innovative transactions in the real estate arena.”

If you would like any further information or have any queries please contact:

Caroline Maude
Nabarro
caroline.maude@nabarro.com or 0207 524 6445

Jemma Parry
Lansons Communications
Jemmap@lansons.com or 020 7566 9706