London's skyline looks set to be changed forever in light of a new commercial property development at 20 Fenchurch Street in London.

Land Securities is planning to build a brand new skyscraper, nicknamed 'The Walkie Talkie' in London's financial district and, according to sources, is likely to join with Songbird's Canary Wharf Group (CWG) to finance the ambitious project.

Joint ventures have become increasingly crucial to the completion of large building projects due to a tougher climate in which to secure development funding for investments.

JP Morgan analyst Harm Meijner said, “[The building will allow] CWG…to diversify from the Canary Wharf district and for Land Securities, they will be working with a developer that has one of the best construction records.”

On completion in 2014, The Walkie Talkie will provide 660,000sq ft of office space and 23,000sq ft of retail space.

Other notable projects that are currently struggling to secure funding include British Land's London skyscraper – which is known as the 'Cheesegrater' – and Hammerson's planned 500,000sq ft twin tower project right in the heart of the City.

Along with securing funding and development partners for major commercial construction projects, competition to entice major tenants to the new developments is also fierce.