British Land has signed a deal with Canada’s Oxford Properties to begin construction of the 47-storey Cheesegrater in the City of London

The developer has entered a 50:50 joint venture with Oxford, the real estate arm of Omers, and will begin tendering the scheme in January.

It aims to complete the shell and core by the second quarter of 2014.

The £340m tower, officially called the Leadenhall building, was designed by Rogers Stirk Harbour + Partners and will be 224m tall. It will provide about 610,000ft2 of office space, as well as retail and leisure facilities.

Detailed planning consent is in place and demolition and preliminary basement works have been completed.

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