For sale: The Cheesegrater - as British Land comes closer to flogging the Leadenhall Building for £1bn

Emma Haslett
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The Leadenhal Building is the City's tallest tower (Source: Getty)

One of London's tallest buildings has been put up for sale by its owners - with reports suggesting it could go for as much as £1bn.

British Land said this morning it is in "advanced discussions" regarding a sale of the Leadenhall Building, aka the Cheesegrater.

Property bible CoStar said British Land had instructed agents to sell its 50 per cent stake for £500m in November - but added Chinese-owned CC Land had persuaded Oxford Properties, which owns the other 50 per cent, to sell its half, putting the building's price tag at £1bn.

Today British Land said it was not certain its discussions will lead to a sale of the building.

Standing 225m (737ft) tall, the 45-storey building is the City of London's tallest tower, and the capital's second-tallest. In July last year the building, at 122 Leadenhall Street, was fully let, with Kames Capital, MS Amlin and Rothesay Life taking the remaining three floors.

But in November British Land shares tumbled after it admitted occupancy in its buildings had fallen to 97 per cent with an average lease length of eight years in the aftermath of the EU referendum. That compared with 98 per cent occupancy the year before, with an average lease length of nine years in the first half.

Today shares in the company were up one per cent, at 616p.

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