Walbrook Square investors pull out of the major London project
Norman Foster and Jean Nouvel's central London Walbrook Square scheme looks set to tumble this week as the developer holding the project upright has opted for a £100 million penalty rather than maintaining its commitment to the development.
Spain's largest developer Metrovacesa has suffered to the tune of an estimated £5.1billion in the financial downturn and will now pay the project's owners Legal and General £100 million to cancel their involvement in the scheme which would have seen them invest a total of £840 million.
Walbrook Square is a collaboration between the two architects under the name Atelier Foster Nouvel. The plans centre around a new public square and include four individual towers which work together as a collective. The scheme's design, which has been imaginatively compared to Star Wars character Darth Vadar's helmet, would provide 1 million sq ft net floorspace on the 3.7 acre site, with 95,000 sq ft of retail and restaurant floorspace and 875,000 sq ft of office space.
WAN previously erroneously confused this project with the currently under construction Foster project The Walbrook. The Walbrook is a separate project and we offer our apologies for any confusion or misinformation caused.