British Land to start building £290m Cheesegrater

Aaron Morby 13 years ago

Developer British Land is planning to start work on the 47-storey Leadenhall tower in London, signalling the property recovery in London is gaining pace.

The firm said: “We are considering restarting the development of our 610,000 sq ft Leadenhall building in the City and are exploring interest from a potential partner.”

The distinctive wedge-shaped building, nicknamed the Cheesegrater, was due to go-ahead three years ago but stalled when the property bubble burst.

At the time Bovis Lend Lease was in line to build the £290m building and the firm’s name is still plastered on hoardings around the site.

Unveiling strong year-end results, British Land said the property market had improved significantly and it would be going ahead with several other stalled projects.

“We expect to complete the buildings during 2013 and 2014, when we expect market demand for Grade A London office space to be strong and supply limited, ” said British Land.

“Toward the end of the year, strengthening demand and asset prices in the Central London office market saw the economics of development improving significantly.”

“As a result, we took the decision to commit nearly £500 million to developing three office schemes in Central London with an aggregate floorspace of over 1.2 million sq ft.”

The developer said it was also planning to start building work this year on 750,000 sq ft of consented space on its existing retail parks.

Main other London office projects in the pipeline

  • £232m to complete the Regent’s Place estate with the construction of new office and residential buildings with a combined floorspace of 500,000 sq ft
  • £65m to redevelop a new 139,000 sq ft office at 2-14 Baker Street, acquired just after the year end
  • £175m to construct a 700,000 sq ft new building for UBS on the site of 4 and 6 Broadgate.

British Land swung to a net profit of £1.14bn in the year ending March 31, following a loss of £3.88bn a year earlier.

The rebound came as the group reported a 13.5% rise in its portfolio valuation, compared to a 28.2% decline in valuation in the year-ago period.

Underlying pretax profit, which excludes the impact of valuations moves and disposals, fell 7% to £249m.

Latest news

Plans in for £40m surf park at former Kent colliery

Seahive surf lagoon and health resort will be built near Deal
7 hours ago

Crushed demolition worker vows to return to industry

Shannon Brasier hoping to return to construction following horror accident
7 hours ago

Mount Anvil to start 900-home North London estate rebuild

Planning approval paves way for Barnsbury Estate rebuild in Islington
6 hours ago

Green light for major laboratory campus in Cambridge

Developer BioMed to tender first building on 600,000 sq ft lab complex in the New Year
8 hours ago

Belfast firm signs the biggest work deal yet under Project Gigabit

Fibrus to hook-up rural Cumbria to lightning-fast broadband under £108m deal
6 hours ago

McLaren wins Leeds logistics park contract

Work to start imminently on warehouse complex for Firethorn Trust
24 hours ago

Work restarts on £683m waste power plant after site death

Construction suspended for a week of investigations following fatality
24 hours ago

Demolition starts on £135m Wigan Galleries scheme

Contractor BCEGI starts work on project to redevelop Wigan town centre
1 day ago

Amey CEO to step down following private equity buyout

Amanda Fisher to leave once business is transferred to new owners
1 day ago

New body set up to vet plant operator card schemes

Contractor trades bodies unite to tackle competency concerns over plant operator skills cards
1 day ago

Kier leads switch to hybrid battery generators

Battery units work alongside smaller generators cutting run times by nearly 60%
1 day ago

Plans in for first Leeds co-living scheme

Watkin Jones submits plan to convert old Direct Line HQ into 230 studio flats
1 day ago

Demolition worker crushed by excavator

Court hears 20-year-old woman was left with "life changing injuries"
2 days ago

Government pays £700m for 50% stake in Sizewell C

New body, Great British Nuclear, will be set up to develop pipeline of nuclear projects
2 days ago

Costain wins Heathrow Airport asset renewal deal

Firm takes early contractor involvement role in Terminal 2 baggage handling upgrade
2 days ago

Worker killed on £683m waste power plant site

Fatal collision involving heavy goods vehicle on giant north London site
3 days ago

HS2 JV shifts four Wembley Stadiums of earth in record time

EKFB team digs and hauls 15 million cu m of muck in 20 months
2 days ago

Milestone wins £300m Wiltshire highways upkeep

Ringway will hand over to Milestone in March next year
2 days ago

Low-risk business model helps Renew post record results

Renew reveals latest acquisition with £15.6m purchase of water specialist Enisca
2 days ago

London Albert Embankment hotel towers approved

Two separate hotels rising to 26 and 29 storeys approved
2 days ago

Keltbray names new director of strategic engineering

Tim Lohmann takes up newly-formed role to drive innovative engineering solutions
2 days ago

Go-ahead for £200m lithium refinery on Teesside

Work to start next year on Europe's first lithium hydroxide processing plant
3 days ago

HS2 agency workers paid the wrong wages

Payroll software problems leave workers out of pocket
3 days ago

Electric car whizz joins O’Rourke

Contractor looking to learn tech lessons from other sectors
3 days ago

Electrical contractors still confident despite staff shortages

Order books healthy but worries grow over margins
3 days ago

BAM to deliver £44m Yeovil College campus build

BAM will submit a planning application next month to start work later next year
3 days ago

Bouygues starts London 700-home council estate rebuild

Developer Linkcity seals financial close on Old Kent Road Tustin Estate job
3 days ago

Construction’s “Leading Lights” recognised

Full details of latest winners of Considerate Constructor Scheme's latest awards
3 days ago

ISG wins £600m Hertfordshire Hollywood film studio job

Holywood studio Sunset awards pre-construction contract for 90-acre studio complex in Broxbourne
6 days ago

NAO calls for road programme cuts as costs soar

Public spending watchdog calls for roads programme review amid project delays and cost overruns
7 days ago

Contractor services