4 August 2010
700,000 sq ft of prime development land for sale has been acquired by British Land and Blackstone Group in London. Together the companies will transform the development land for sale into an exclusive building project in Broadgate.
A lease on the development land for sale has been agreed with the Swiss bank UBS after several months of negotiation.
British Land has indicated that development costs will be in the region of £340 million. They have also revealed that they are due to start work on the development land for sale imminently and the project is due to be completed in the last quarter of 2014.
Overall it is projected that, by completion of the project, the total cost will come to around £600 million.