Cheesegrater building will start construction thanks to a new contract.
Leadenhall ‘Cheesegrater’ building is set to begin construction in 2011 due to a new deal involving British Land.
A new agreement between British Land and Ontario Municipal Employees Retirement Systems means that construction of the London Cheesegrater will go ahead in early 2011.
The £340 million project will be constructed on the Leadenhall site in the centre of London. Once completed the building will provide around 610,000 square feet of office space and 4 stories of public space.
The building is expected to be completed by the second quarter of 2014 and other companies such as Skanska are supposedly interested in getting involved in the development.
“We are delighted to be announcing the development of the Leadenhall Building. With its unique and iconic architecture, it is a building which will provide an unbeatable combination of style, presence, location and office floor space in the heart of the City of London,” commented Chris Grigg, chief executive at British Land.
This new agreement has been signed just days after a similar one was formed between Land Securities and Canary Wharf Group to develop the £350 million Walkie Talkie building.
There is a growing demand for high quality office space in London and the completion of these two developments is expected to increase rental values and prices.
“Our partnership with Oxford Properties, brings together two world-class property companies with proven development and asset management expertise,” said Chris Grigg.
British Land are one of the biggest propertey investment and development companies within the UK. Past clients include The Royal Bank of Scotland, Tesco and the Macquarie Group.