UK property developer Sellar and Japanese developer Obayashi have announced plans to build a “landmark” tower near Liverpool Street.
Sellar, which previously developed The Shard, plans to build a £500m, thirty-story tower at 60 Gracechurch street. The skyscraper will replace the site’s current eight-story building, occupied by German financial services firm Allianz.
The proposed tower has gone to consultation today. A second consultation will be held in late spring before a full planning application is submitted this summer. The City of London’s planning decision is expected towards the end of the year.
According to the developer team, construction will start in 2026 once the existing building is vacated and be completed in 2029.
“Our aim is to create a building with spaces that suit the requirements of modern occupiers, which is essential to attract leading businesses and ensuring London maintain its status as a world-class city,” Sellar chief executive James Sellar said. “We look forward to working with the City of London Corporation and other local stakeholders on the next stages of this exciting project.”
The development is one of a host of new buildings joining London’s skyline in the next few years.
The City of London has said it is looking to provide the equivalent of 70 football pitches of space for City workers coming back to the office as demand for office and rental space in London continues to grow.
“Having recently completed a full refurbishment of Bracken House in 2019, we are pleased to continue our investment in particularly in the City with the development of 60 Gracechurch Street,” Bruce McAra of Obayashi Properties UK, said
Other planned schemes in the area include the 32-storey Woods Bagot-designed 85 Gracechurch Street, KPF’s 33-storey 70 Gracechurch Street and Fletcher Priest’s 32-storey 55 Gracechurch Street.