Oxford Properties-British Land joint venture will seek to complete 47-storey London tower by 2014

British Land has signed a deal with Canadian based Oxford Properties, to begin construction of the 47-storey Cheesegrater in the City of London .

The developer has entered a 50:50 joint venture with the OMERS Worldwide Group of Companies and will begin tendering the scheme in January next year with the aim of completing the shell and core by the second quarter of 2014.

The £340m tower, officially known as the Leadenhall building, has been designed by Rogers Stirk Harbour and Partners and, at 224m, is set to become one of the tallest and most iconic buildings in the City. It will provide around 610,000ft2 of office space in the heart of the Square Mile and will also include public space, retail and leisure facilities.

Chris Grigg, chief executive of British Land, said: “We are delighted to be announcing the development of the Leadenhall building. With its unique and iconic architecture, it is a building that will provide an unbeatable combination of style, presence, location and office floor space in the heart of the City of London.”

Detailed planning consent for the scheme is already in place and demolition and preliminary basement works have been completed.