British Land To Restart Cheesegrater

British Land has decided to progress with the Leadenhall Building in London, better known as the Cheesegrater, following an agreement with the Canadian firm, Oxford Propreties.

The 55,740 square metre development had been put on hold due to the recession, but following the recent restarting of other projects in London, British Land had begun the search for a development partner to help spread the risk. In this case they've signed head of terms with Oxford Properties, the real-estate vehicle for OMERS, the Ontario Municipal Employees Retirement System.

224.5 metres tall with 48 floors above ground, the tower will contain a significant public space at its base. Above that it rises in a triangular manner similar to the shape that has coined the nickname driven by the need to respond to the fact it cannot appear in certain view points with St Paul's Cathedral so the southern side has to be angled away from the building meaning the floor-plates for the top of the building are only 583 square metres compared to 1,982 for the lower levels.

On the northern side are the elevators, made necessary not only by the fact it's the only place they could be put without interrupting views but also to allow the south, west, and eastern faces the maximum amount of daylight and the best unobstructed views.

The deal now means that every single office skyscraper being built in London has foreign money behind it showing the cheapness of the pound and the effect it has been having on the construction industry in attracting investment.

The scheme is to be restarted almost immediately in the hope of catching the likes of 20 Fenchurch Street, Heron Tower, and the Pinnacle in the market, all of which are at more advanced stages. The developers will aim to pick a contractor in January 2011 with construction beginning in July 2011, and the building externally completed in mid 2014. It was previously costed at £286 million to build at the peak of the boom in 2007.

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