Canary Wharf Group, which is majority owned by Aim-traded Songbird Estates, has made its second foray outside Docklands, confirming that it will develop the "Walkie Talkie" tower on Fenchurch Street in the City of London, in partnership with Land Securities.
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Land Secs mothballed the scheme in May 2008 when the property market soured. Despite a predicted drought of new office space in the Square Mile, which has led to positive expectations of rental growth, banks have proved reluctant to finance new developments unless substantial pre-lets are in place.