Britain may be broke, but it’s still able to attract money from elsewhere. The FT reported that mothballed building projects are being revived.
“In a move regarded as a renewed vote of confidence in the City as a global financial centre, British Land, one of the country’s largest property companies, has committed to build its 740ft Cheesegrater with backing from one of Canada’s largest pension funds. The decision to press ahead with the tower in the heart of London’s financial district caps an important week for the capital’s development. Land Securities, the biggest British developer, has also approved the building of a rival skyscraper, known as the Walkie Talkie because of its arresting top-heavy design. Both towers, which will open by 2014, had been mothballed during the credit crisis when banks and financial service institutions reduced their City teams and froze office moves.”
Meanwhile, the Arab investors behind the Pinnacle tower due to open in 2012 start signing future tenants. The 63-storey skyscraper will be the tallest building in the City of London when it is completed.