Walkie Talkie building sells for £1.3bn

Posted on by Offices.org.uk

ONE of London’s most distinctive office buildings has sold for a record-breaking price.

The Walkie Talkie skyscraper has been acquired from joint developers Land Securities and Canary Wharf Group by the property arm of Hong Kong-based Lee Kum Kee Health Products Group.

The sale price for the building, officially addressed as 20 Fenchurch Street, is the largest amount ever paid for a single building in the UK.

Robert Noel, Chief Executive of Landsec – the new brand name for Land Securities – said: “Our decision to sell 20 Fenchurch Street at an exceptional price and return cash to shareholders reflects our disciplined approach to the use of capital.

The building has been an immensely successful project for Landsec and our partners. Its development in 2010 was part of Landsec’s major speculative development programme in the capital, which has seen the completion of 3.1 million sq ft of office and retail space, thousands of jobs sustained in the construction industry, and considerable improvements to public spaces. This sale crystallises the significant value we have created at 20 Fenchurch Street.”

The 37 storey building, designed by Rafael Viñoly, includes a “Sky Garden” at the top and famously made headlines when the heat from reflected sun rays caused damage at street level.

In 2015, 20 Fenchurch Street was awarded the Carbuncle Cup for being the ugliest new building that year.

Related: Office space in London

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