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British Land announces £1.5bn development plans

A £1.5bn London development programme has been announced by British Land.

The group said it had committed to the programme in the last six months. Two-thirds of the figure will be paid for directly by British Land, while it also includes the aggregate value of developments the firm is involved in.

The programme includes two previously announced projects; the restarting of Richard Rogers’ £170M “Cheesegrater” tower at 122 Leadenhall in the City, and a joint venture with Blackstone to undertake the 65,032sq.m redevelopment of the Broadgate Estate.

Construction of the Cheesegrater will begin in July 2011, the company has said, with practical completion to shell and core to be finished by the second quarter of 2014.

And the group said that the £224M, 46,450sq.m redevelopment of its Regent’s Place estate had also begun, scheduled for completion in the second quarter of 2013.

The firm has said it plans to build more than 79,000 sq m of retail space as values recover.

The update came as the group reported underlying profit of £127M for the last six months, and a rise in the value of the company’s portfolio of 4.2%, to £4.3bn.

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