Following a joint venture partnership between British Land and Oxford Properties, construction work has recommenced on the site of The Leadenhall Building in London’s Square Mile. Affectionately dubbed The Cheesegrater due to its tapering 47 storey frame, the 736ft high structure is due to house flexible office space with retail and dining facilities by mid 2014.
Work was halted on the 610,000 sq ft development in August 2008 when developers British Land came into financial difficulties with losses totalling £572m. Nigel Webb, Head of Developments at British Land, said: “Since completing the joint venture partnership with Oxford Properties late last year, we have moved quickly to return to site and forge ahead with the construction of this iconic new London building.
“The Leadenhall Building is already generating strong interest from a broad range of occupiers in the insurance, financial, professional and corporate business sectors and will complete at a time when we believe strong demand and supply constraints will coincide.” The project was initially due for completion in 2011.