Construction News

Fri October 23 2020

Related Information

Developer funding sorted for Cheesegrater

22 Dec 10 The co-developers of the £340m Leadenhall Building, known as the Cheesegrater, have signed contracts to form a 50:50 joint venture for the project.

Original developer British Land revealed in October that it was bringing in a Canadian fund manager OMERS to support the project through its Oxford Properties real estate arm. The paperwork on that deal is now done.

The Leadenhall Building, at 122 Leadenhall Street, London EC3 will provide 610,000 sq ft of floor space over 47 storeys, tapering to a height of 224m (736 ft). It has been designed by Rogers Stirk Harbour and Partners

Detailed planning consent is in place and demolition and preliminary basement works have already been completed, with practical completion to shell and core scheduled for mid 2014. British Land and Oxford will combine their real estate experience to co-develop Leadenhall, with British Land continuing as lead development manager.

British Land has contributed the site at an effective land value of £90m. Oxford will contribute the next £90m in cash for the costs of preparing and commencing the development with further development costs shared on a 50:50 basis thereafter. British Land's contribution in addition to the land will be around £125m.

Got a story? Email news@theconstructionindex.co.uk

MPU

Click here to view more construction news »