London's 'Cheesegrater' delayed

15-08-2008

British Land has announced that the development of Leadenhall Tower in London's financial district will be delayed by up to a year, it has been revealed.

The building, nicknamed the Cheesegrater, is having its completion pushed back due to a downturn in demand for office space in the capital, Choregus.co.uk reports.

It cited the rising costs of construction in the UK as a further reason for delays.

British Land also announced a five per cent fall in the overall value of its property portfolio due to a fall in rental fees, with many large institutions reigning in their office interiors due to the current economic climate.

Elsewhere, the Guardian reports that Prince Charles believes the current fashion for large skyscrapers is creating a "rash of carbuncles" in historic UK cities.

Also, new mayor of London Boris Johnson is believed to be less enthusiastic about these large structures than his predecessor and therefore it is thought that planners will have a much tougher time getting permission for future Shards and Gherkins.

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