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Promising Signs Emerge For Cheesegrater

In what is one of the most promising signs with the project for some time, British Land has decided to delay the construction of an urban garden by the Mitchell Taylor Workshop on the site of 122 Leadenhall Street.

The Rogers Stirk + Harbour skyscraper, 225 metres tall that has been nicknamed "the Cheesegrater" after its distinctive shape, had been mothballed by the developer following the decline of the international economy.

Now however, insurance company AON are understood to have a space requirement in central London of approximately 20,000 square metres and the Leadenhall Building is one of their final three options. From the point of view of their sector and the advantages the company could get from clustering, the location of the building next door to the likes of the headquarters of Aviva, Willis, and Lloyds of London would make perfect sense.

The construction of anything on the site, even on a temporary basis, could hamper the project and put it behind rival schemes which is all but ready to go if the developer decides to push a button.At the same time other developers such as Heron International are either building skyscrapers or making encouraging noises about them as Land Securities is.

With British Land having now fully let Ropemaker Place and the remaining twenty percent of space in the Broadgate Tower looking like being snapped up, their development pipeline of new space in the Square Mile is running rather empty and investors in the REIT will be unhappy if potential tenants start to look elsewhere because of an excessively cautious attitude to development.

Of course none of this actually means that the Cheesegrater will get built any time soon, but the sheer fact that there has yet to be any construction work on the sites garden shows that things are becoming less apocalyptic than even six months ago.
The Leadenhall Building, London
The Leadenhall Building, London