The plan to transform London’s skyline is underway, as one of the UK’s major property developers announces its intention to develop the Leadenhall Building in the city of London.
Dubbed by less admiring critics as ‘the cheese grater’, the 47-storey skyscraper will climb 736 ft (224 m) tall, with developers British Land hoping it will be “one of the tallest and most iconic buildings in the City of London”.
The total development cost is expected to reach around £340 million.
British Land announced on Monday that it has agreed heads and terms with Oxford Properties – the real estate arm of the OMERS Worldwide Group of Companies – to develop the Leadenhall Building on a 50:50 joint venture basis.
Detailed planning consent is in place and demolition and preliminary basement works have already been completed.
On site construction will start immediately following the construction tender process, which will commence in January 2011. Practical completion to shell and core is expected in 2014.
The spike-shaped building will boast 21,000 sq ft at the base, and decrease to 6,000 sq ft at the top – encouraging its cheese grater nickname.
The news comes just days after another property giant, Land Securities, announced its plans to form a partnership with the Canary Wharf Group (CWG) and build new skyscraper, the ‘Walkie Talkie’.
The news of the Walkie Talkie first broke earlier this year. Industry figures have speculated that these announcements, issued within days of each other, mark a new era for commercial property and the path to a slow but certain recovery.
Both buildings are planned for completion by 2014, and as yet neither has confirmed tenants. British Land currently stands as the UK’s second largest landlord.
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