A new office in London will be completed in 2014 thanks to a joint venture project
The ‘Cheesegrater’ office is now to be built in London after plans were given the green light, two years after the project had been postponed.
British Land and Oxford Properties are preparing to start work on a new office tower in London after the company announced plans to build a portfolio in the capital.
The skyscraper, nicknamed the ‘Cheesegrater’ because of its distinctive wedge-shaped design, will take its place amongst other famous London office buildings such as the ‘Gherkin’ and the nearby soon-to-be-built ‘Walkie talkie’ building.
The 610,000 square foot building will be built on a site at 122 Leadenhall Street and has been given the go ahead after its development was postponed in 2008.
British Land have formed a joint venture with Canadian firm Oxford Properties and the site is expected to be completed between 2013 and 2014.
The 47-storey structure has been designed by UK architects Rogers Stirk Harbour and Partners and will stand across from the Lloyds of London building in the heart of The City’s Square Mile.
While many of the leases in The City’s office-based properties run out at the time of the ‘Cheesegrater’ building’s prospective completion date, the site has yet to take on any prospective tenants.
However, American risk management firm Aon are believed to be in talks regarding the possibility of leasing space at the site.
Aon are also believed to be in talks with the proprietors of the nearby ‘Walkie talkie’ skyscraper which should also be completed at a similar time to the ‘Cheesegrater’ tower.
The ‘Cheesegrater’ will reportedly need to charge £45 – £50 per square foot in order to break even. Due to the location of the site though, there is a confidence from analysts that the site will be able to charge £60 per square foot, allowing the developers to make a large profit.