Rogers-designed City tower moves closer as developer commits to spend £500m on London schemes
British Land is talking to contractors about restarting the 736ft Rogers Stirk and Harbour-designed “Cheesegrater” tower in Leadenhall in the City.
The developer also said in its results this week that it had committed itself to spending £500m to start three developments in central London this year.
The firm said: “The economics of development have become more favourable, particularly in central London offices. We are considering restarting the development of our 610,000ft2 Leadenhall building and are exploring interest from potential partners.”
British Land said demolition and preliminary work on the 47-storey building had been completed.
The firm said it had committed itself to spending:
- £232m to complete its Wilkinson Eyre-designed Regent’s Place estate, with 500,000ft2 of office and residential buildings
- £65m to redevelop a 139,000ft2 office at 2-14 Baker Street.
- £175m for its 50% share of the Broadgate development with Blackstone that will include a 700,000ft2 building for UBS.
It said these three developments would be completed during 2013-14.
It also said it was considering starting four retail schemes in northern England and Scotland and its Colmore Row scheme in Birmingham.
British Land said profits were down 7% to £249m in the year to 31 March 2010, but that the value of its assets had risen 27%.
- Land Securities has said it is in talks with joint venture partners over restarting the 62,000m2 Rafael Vinoly-designed Walkie Talkie tower, with the aim of getting it built by 2014. However, no deal has yet been signed.
Mace was the contractor on the scheme before the credit crunch hit.