Commercial developer says Cheesegrater will start on site in July and complete by 2014

Developer British Land has committed to a £1.5bn London development programme in the last six months, it said today.

The figure includes the aggregate value of developments it is involved it, with two-thirds of it paid for directly by British Land.

It includes the restarting of Richard Rogers’ £170m “Cheesegrater” tower at 122 Leadenhall in the City, and the 700,000ft2 redevelopment of the Broadgate Estate in a joint venture with Blackstone, both previously announced.

The firm said construction of the Cheesegrater will begin in July next year, with practical completion to shell and core finished by the second quarter of 2014.

It said development was underway with its £224m, 500,000ft2 redevelopment of its Regent’s Place estate, with completion scheduled for the second quarter of 2013.

In addition , the firm said it will build more than 850,000ft2 of retail space as values recover.

British Land gave the update as it reported group underlying profit of £127m for the last six months, and a rise in the value of the company’s portfolio of 4.2%, to £4.33bn.