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July 27, 2017

LKK Health Products to acquire London’s Walkie Talkie skyscraper for £1.28bn

EHMA president Peter Bierwirth discusses the latest trends and developments facing the hospitality industry and how to maximise the opportunities they offer.

LKK Health Products Group (LKKHPG) has agreed to acquire London’s Walkie Talkie skyscraper 20 Fenchurch Street, EC3M from joint owners LandSec and Canary Wharf Group, for £1.28bn.

Developed by a joint venture (JV) between both the companies in 2010, the skyscraper 20 Fenchurch Street was completed in 2014.

The building comprises 671,000ft² of office space on 34 floors in the City of London’s insurance district, and features a new design.

It also features 17,000ft² of retail space on the ground floor and within the three-storey Sky Garden.

Landsec chief executive Robert Noel said: “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 cubic feet 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."

“This sale crystallises the significant value we have created at 20 Fenchurch Street."

Designed by architect Rafael Viñoly, 20 Fenchurch Street cost more than £200m.

It also features a distinctive top-heavy form, which appears to burst upward and outward. The top three floors include a large viewing deck, bar and restaurants.

The acquisition is unconditional and is expected to be completed by the end of next month.


Image: 20 Fenchurch Street features 17,000ft² of retail space on the ground floor. Photo: courtesy of Landsec.

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