Hong Kong-listed CC Land buys the Cheesegrater, London

05 June 2017

On behalf of CC Land Holdings Ltd, Savills advised on the purchase of The Leadenhall Building, London EC3V from The British Land Company plc and Oxford Properties Group Inc.

The deal is the second largest single asset ever to trade in the UK, behind QIA's 2014 acquisition of the 1.1 million sq ft HSBC Tower in Canary Wharf for £1.175 billion.

The 46-storey commercial tower, known most commonly as the Cheesegrater, extends 224 metres in height, the tallest building in the City of London, and comprises approximately 610,000 sq ft (56,671 sq m) of office and retail space on a 0.94 acre (0.38 hectare) site.

Multi-let, the Cheesegrater has a weighted average unexpired lease term of approximately 13 years and generates an annual income of £40.2 million.  The building was designed by Rogers Stirk Harbour + Partners in a joint venture between The British Land Company plc and Oxford Properties Group in 2014.

Stephen Down, head of the Central London investment team at Savills, comments: “Acknowledged as one of London’s most iconic office buildings, the acquisition of the Cheesegrater, and arguably a piece of London’s skyline, by an overseas investor  reinforces, if there was ever any doubt, the city’s position as the leading market for global investment.

“Since the autumn of last year we have seen a material increase in international investor appetite for the very best assets in Central London, and the purchase of the Cheesegrater is further evidence. I am pleased to say that Savills has been at the forefront of deals activity that includes over £2 billion of prime assets in London since September last year.

“The deal also importantly reflects Savills ability to successfully work collaboratively cross- border, with our Hong Kong investment colleagues, led by Raymond Lee, playing an important role in the acquisition.”

 
 

General Enquiries

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Key Contacts

Stephen Down

Stephen Down

Head of
Central London and International

Savills Margaret Street

+44 (0) 20 7409 8001

 

Simon Ewart Perks

Simon Ewart Perks

Director
Central London Investment

Savills Margaret Street

+44 (0) 20 7 409 8003