British Land JV revives 'Cheesegrater' project

25th Oct 2010 07:46

British Land has struck a deal with Oxford Properties, the real-estate arm of Ontario Municipal Employees Retirement System (Omers) pension fund, to build the Leadenhall Building in the City of London.The 50:50 joint venture with the Canadians resurrects the ambitious 47 storey tower, popularly referred to as the 'Cheesegrater' because of its wedge-shape design, mothballed during the recession. Demolition and preparation of the site was finished long ago, so building work can begin early next year and the shell and core should be finished during the second quarter of 2014.The total development cost of the 736 ft (224 m) 610,000 sq ft skyscraper is expected to be around £340m.