Developer also reveals it has invested 拢1.9bn in property during last 18 months
British Land revealed today that its completion costs on the Cheesegrater skyscraper amount to 拢159m.
Last month the developer and joint venture partner Oxford Properties confirmed Laing O鈥橰ourke as the winning bidder for the Leadenhall development.
Figures outlined in its first quarter results, place the current value of the Leadenhall site at 拢55m with notional interest being 拢26m.
The developer said the construction contract had been 鈥渁greed on favourable terms鈥�.
British Land also said it committed 拢1.9bn to property investment in the last 18 months with nearly 90% being based in Central London.
The property giant recently won planning permission for a 拢340m office block development at 5 Broadgate for bank UBS.
British Land chief executive Chris Grigg said: 鈥淥ur focus on high quality retail and London offices continues to drive strong valuation and improvement in rental values.
鈥淭he early decisions we made in undertaking our 拢1.1bn development programme are having a real impact, accounting for nearly a quarter of our valuation improvement, and the highly selective acquisitions made since the beginning of the quarter will add both incremental income and value for our shareholders.鈥�
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