The Rogers Stirk Harbour + Partners-designed Leadenhall Building, more commonly known as the ‘Cheesegrater’, was sold to a Chinese property tycoon for £1.15B—the second-biggest sale ever of a building in the UK. The tallest building in the City of London, the Cheesegrater was previously owned by the developer of the building, British Land, and its joint venture partner Oxford Properties.

The sale marks one of the largest purchases of UK property by a Chinese company and is the largest sale in the country since 2014. When the building was completed that year, it had the highest rents of any building in the City. 

Tim Roberts, head of offices at British Land, stated “This sale shows continued investor appetite for best-in-class, well-located property in London.” Others, however, might find the sale indicative of the increasing unaffordability of the capital city, which has witnessed a major boom in large, expensive towers.