British Land & Oxford Properties are hungry for more development opportunities after topping out the 735ft Cheesegrater tower in the City of London last night.
The joint venture partners behind the £340m office scheme, among the highest in the UK, are separately seeking to add to their already bulging development pipelines with more major schemes.
Speaking to EG at the topping out of the Leadenhall Building last night, Oxford Properties senior vice president and managing director Richard Pilkington said the development laid the foundations for the Canadian pension fund’s rapidly expanding UK development pipeline at the centre of its $5bn investment plan.
Oxford has now committed around $3bn in the UK, with other major development schemes including a joint venture with Brookfield at London Wall Place, EC2, and a partnership with the Crown Estate to develop St James’s Market.
“We are fairly actively looking for more development opportunities”, Pilkington said.
The Leandenhall Building has enjoyed strong letting activity since construction began, with 51% now pre-let to insurers Amlin and Aon.
British Land head of development Nigel Webb said the letting strategy for the building was now changing with the partners targeting smaller occupiers on a floor by floor basis, having secured tenants for the larger lower floors.
Click below for a video showing all the action from the topping out ceremony.
jack.sidders@estatesgazette.com
