We leave our mark on the built environment by developing outstanding places
Our track record of development and quality design includes some of the most well-regarded residential, office and mixed-use schemes, many of which have generated exceptional returns through sale. Recycling capital out of mature assets has enabled us to progress our acquisition and development pipeline, while their profile and success remain an important part of our legacy.
The Leadenhall Building
The Leadenhall Building was developed in a 50/50 joint venture with Oxford Properties. Through our collaborative partnership, we delivered an iconic and award-winning flagship asset comprising 610,000 sq ft of world class office accommodation over 46 floors, which achieved record rents for the City of London of more than £100 per sq ft. The building generated attractive returns when it was sold to CC Land, a Hong Kong based property development and investment company, for £1.15bn in 2017.
Clarges Mayfair
Clarges Mayfair is a shining example of our commitment to delivering outstanding places. We enlisted an award-winning architecture and design team to deliver 34 high-end residential apartments with luxury wellness facilities, including a gym, dedicated spa, and stainless-steel indoor pool. 23 apartments were sold ahead of completion in 2017, some at record-breaking values, while we achieved over 80% occupancy of the office space within the wider development just four months after its launch. We completed the sale of Clarges Mayfair to Deka for £177m in 2020.
5 Broadgate
Completed in 2015, 5 Broadgate brought 700,000 sq ft of high quality sustainable office space to our Broadgate campus. The distinctive building was rated Excellent by BREEAM, with carbon emissions 65% lower than the previous two buildings on the site. With our joint venture partner, GIC, we sold 5 Broadgate to CK Asset Holdings Limited, listed in Hong Kong, for £1 billion in 2018. This transaction was in line with our strategy of realising value from well-let properties, and demonstrated the appeal of our London campus offering.
Yalding House
Our design-led refurbishment of Yalding House delivered 29,000 sq ft of stylish and contemporary office space in the heart of Fitzrovia. It included 6,000 sq ft of retail and a newly constructed upper level boasting a terrace and additional mezzanine floor. The unique refurbishment retained and enhanced many of the buildings’ original features to preserve its heritage as the home to BBC Radio’s music department for over 60 years. We sold Yalding House to Mapfre in 2020 for £42m.
Portman Cluster
We sold a 75% interest in the Portman Custer in London’s West End to PIMCO Prime Real Estate, formerly called Allianz Real Estate, for £401m in 2020. The portfolio includes three well-let buildings, 10 Portman Square, Marble Arch House and York House, comprising a total of 310,000 sq ft of prime office space and 22 residential apartments, which British Land manages as part of our joint venture with PIMCO Prime Real Estate. This transaction demonstrated the appetite of high quality institutions to partner with us, and provided flexibility to re-invest in our development pipeline.