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British Land Pitch Cheesegrater Around

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British Land Pitch Cheesegrater Around

Post  LeeRain on 15/11/2010, 4:41 pm

As part of their attempts to bring an equity partner on board for the Leadenhall Building and turn it into a joint venture, British Land has come up with a website to try and market the building.

The aim of it is to try and recruit a partner who will have a share of the freehold of the 46 storey with British Land arguing that now is the perfect time to construct the skyscraper in time for a quarter three, 2014 opening which should catch the next property cycle in the City of London nicely.

Highlighting the fact that the construction of new grade A office space in the Square Mile is still severely restricted with the Credit Crunch having seen many schemes shelved, rental growth of between 30 and 40 percent is predicted by the time they wish to get the building open.

At the same time they argue that the Leadenhall Building can have first mover advantage, although with other skyscrapers like 20 Fenchurch, the Pinnacle and Heron Tower all at various stages it seems that the failure by British Land to so far secure a partner for the venture reduces this opportunity significantly.

The tower has been designed by the architects, Roger Stirk Harbour + Partners to contain 53,532 square metres of office space that can be split up into five different leasing phases with the cost per square foot estimated at £55 for the lowest levels of the scheme, floors 37 to 46 costing £69.50 per square foot showing the mark up that one can command in a skyscraper.

In progressing with the building and to try and show any potential partner just how they can make money from the project, British Land expect to be able to secure two pre-lets prior to practical completion of the floors up to level 18 with the remainder filled 6 to 9 months after the building is complete.

Nonetheless, a sample construction schedule has already been planned with the project having a six month tender period to award contractors with work, followed by a construction period running from the end of quarter one, 2011, to the middle of 2014 at which point the practical completion of the building can be achieved.

Whether they can accomplish this remains to be seen, but at least with the Cheesegrater there could be life in the old dog yet

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LeeRain

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