The City of London has approved plans to build a “landmark” 36-storey tower near Liverpool Street.
The proposals for the £500m tower, located at 60 Gracechurch Street, were first put forward in April by the UK property developer behind The Shard, Sellar, and Japanese developer Obayashi.
The developers had said the construction will start in 2026 once the existing building is vacated and will be completed in 2029.
City of London’s growth plans
The development is one of a host of new buildings joining London’s skyline in the next few years.
The City of London said the proposals for 60 Gracechurch Street align with its City Plan, Climate Action Strategy and Destination City programme.
Chairman of the City of London Planning and Transportation Committee, Shravan Joshi, said it delivers “much needed A-Grade Office space, whilst simultaneously providing a new visitor and educational attraction, as well as contributing to our net zero goals.”
Joshi added: “It is no coincidence that the City is bucking the global trend of rising office vacancy and stalling construction activity.
“With a dedicated, solution focussed planning department, combined with clear policy and strategy, we are creating an environment in which developers and investors can help us create a vibrant, thriving Square Mile, for all to enjoy.”
The approval also comes following a recent Deloitte Crane survey highlighting the number of new construction projects in London declined.
However, the number of new projects in the Square Mile saw an increase of seven per cent.
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.