London’s ‘Cheesegrater’ building sold

Source: Xinhua | 2017-03-02

CHINESE property magnate Cheung Chung Kiu has agreed to buy London’s “Cheesegrater” skyscraper for 1.15 billion pounds (US$1.4 billion), current owner British Land said yesterday, as foreign buyers profit from the pound’s slump.

Cheung’s CC Land will buy The Leadenhall Building, shaped like a cheesegrater, after reaching an agreement with British Land and Oxford Properties, joint owners of the prestigious site.

The 46-floor building, the tallest in the City of London business district, was completed in 2014 and charges record-breaking rents of more than 100 pounds per square foot for prime floors.

Tenants include insurers Aon and MS Amlin and the building’s architects, Rogers Stirk Harbour and Partners.

The building’s unusual nickname derives from its distinctive wedge shape — a result of London’s strict rules on protected sightlines.

“This sale shows continued investor appetite for best in class, well-located property in London,” said Tim Roberts, the head of offices and residential at British Land.