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Land Securities back on track

Reports suggest that Britain’s biggest property developer, Land Securities, is in talks to develop Rafael Vinoly’s ‘Walkie Talkie’ in Fenchurch Street, London. After a £4.7bn loss last year, the firm have now reported full-year pre-tax profits of £1.07bn. As such, plans are for work to begin on the £300m, 600 sq ft structure in early 2011, with Land Securities noting a higher demand for shops and offices. Another major project for the FSTE 100 company is the Trinity shopping centre in Leeds, construction on which is set to begin by the end of next year.

Francis Salway, Chief Executive of Land Securities, said: “We maintain our view that property values will rise over the next five years but, with the likelihood of volatility in consumer spending and business investment, the path may not always be smooth.”

To read a past feature on the design for the Walkie Talkie, click here .

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