Land Securities is counting the cost of fixing the Walkie-Talkie’s solar glare which melted cars and damaged neighbouring buildings in the City over the summer. Chief executive Rob Noel says they have found a solution that will cost in the “low single digit millions” and will not put the building over budget or prevent tenants moving in.
The problem arose due to the sun reflecting off the curved glass of the 37 storey building and focusing on the street below. It was blamed for blistering paintwork and cracking tiles. At the height of the media attention, the building was dubbed the Walkie-Scorchie and a television reporter demonstrated that the glare was hot enough to fry an egg.
The implementation of the solution will begin shortly and the company is confident it will be in place within the next four to five months, ensuring that the problem will not recur next summer.
The issue does not appear to have deterred potential tenants as the building – officially known as 20 Fenchurch Street – is already 56 per cent pre-let. With another 20 per cent said to be in the hands of solicitors, Noel says it has broken all estimates.
“We planned for an average rent of £60 per square foot and so far it’s been £63,” he added.
Meanwhile Land Securities’ first-half results show underlying earnings rose by 8.9 per cent to £156.5 million. The company’s latest shopping centre, Trinity Leeds, opened earlier this year and plans are underway for retail developments in Oxford, Guildford and Glasgow.
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