350g blocks of Waitrose Farmhouse Mature Cheddar (Strength 5) are £4.00 each / 2 for £5.00 at the moment.
These blocked are also included in the Waitrose Pick Your Own (PYO) offers, meaning you get an extra £1.60 off when you buy 2 blocks.
So 700g of high quality farmhouse cheddar for £3.40, which works out at £4.86 per kilo.
** Edit. Price corrected.