'Toast Rack' Proposed for London

'Toast Rack' Proposed for London

Commercial News » Europe Commercial News Edition | By WPJ Staff | September 17, 2013 3:00 PM ET

London's skyline of skyscrapers with catchy names may soon get a new addition - the "Toast Rack."

Developer Henderson Global Investors has proposed a development with a series of connected vertical "slices" ranging from seven to 34 stories. The tallest of the sections would be 170 meters, 10 meters shorter than the Gherkin.

The project is located in the insurance district of the City of London on a plot called the Leadenhall Triangle, which Henderson bought out of administration in 2011 for 175 million pounds, Reuters reports.

If approved for construction, the project, designed by Make, the architecture firm, would join London's array of skyscrapers known by their colorful nicknames - the Shard, the Cheesegrater and Walkie Talkie. While some observers are already calling the project "the Toast Rack," based on the narrow vertical elements, others are calling it "Gotham City," due to its resemblance to the neo-classic structures found in the Batman movies.

"We are proposing a scheme which will fit in with the rich urban character of streets and spaces of EC3 with tall towers and lower rise blocks, primary thoroughfares, hidden alleyways and discreet public spaces," Geoff Harris, director of property development for Henderson Global Investors, said in a statement.

While office projects are struggling in many parts of London, the insurance industry has been expanding, fueling development in the City of London. The 391 million pound ($623 million) Toast Rack would include 910,000 square feet of space --890,000 square feet of offices and 20,000 square feet of retail.

Henderson is expected to formally submit its plans to the City of London later this month.

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