British Land agrees Leadenhall sale for £1.15bn

British Land has agreed the sale of the Leadenhall Building, known as the Cheesegrater, to China's CC Land for a headline price of £1.15 billion

British Land, alongside Canadian 50-50 owner of the building Oxford Properties, said on Wednesday that they have exchanged contracts for the sale of City of London's tallest skyscraper, with the sale conditional on approval by the shareholders of CC Land.

The 610,000 sq ft building is fully let, with an average remaining lease term of over 10 years to break, with record rents for the City of more than £100 per sq ft.

British Land's head of offices Tim Roberts said: "British Land and Oxford Properties took a bold step at the early stages of the UK's economic recovery to develop The Leadenhall Building to generate a high quality, long term income stream. It's a decision which has really paid off.

"Through a strong, collaborative partnership, we have delivered an iconic, award-winning building let to high calibre occupiers at record City rents. This sale shows continued investor appetite for best in class, well located property in London."