REIT British Land has reactivated plans for a new sky scraper in the City of London. The building, which will stand on the site of 122 Leadenhall Street, has been nicknamed the ‘Cheese Grater’ due to its unusual wedge shape.
The site’s previous building was demolished in 2008. British Land, which has just reported better-than-expected results for the year to March 31, mothballed the new development due to the recession. It has now revived the project, which will comprise around 610,000 square feet of office space.
A statement from the company read, ‘We have entered the new financial year with greater optimism and are particularly encouraged by the recent strengthening of the London office occupier market.’
British Land is working on a slew of new projects. The REIT has earmarked £500 million of funds to building the office space London is predicted to grow short of in the coming two years as the recovery gathers pace.
Image of previous building: Flickr (David Barrie)