British Land investment plans worth £1.2bn to UK economy

 
Ben Southwood
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BUILDING work British Land is carrying out over the next few years will contribute billions of pounds of output to the UK economy, and support thousands of jobs, a report said yesterday.

British Land’s construction programme will contribute £1.2bn to UK GDP between 2011 and 2015, according to the report from PwC, while creating some 32,300 jobs across the country.

Its biggest development is 5 Broadgate, which will house UBS when work is finished in 2014. The developer shares the 700,00 square foot project with asset manager Blackstone.

The firm is also working on 122 Leadenhall Street – known as The Cheesegrater – which is another shared enterprise, though this time with Oxford Properties.

Its 610,000 square feet will be partly filled by insurer Aon, which is moving its global headquarters from Chicago, and signed a pre-let agreement in 2011. British Land expects to finish the Cheesegrater development in 2014.