The proposed development at 70 Gracechurch Street is being led by Stanhope as development manager for Ontario Teachers’ Pension Plan (OTTP).
They aim to complete the redevelopment by summer 2032.
Construction of the 132-metre high structure includes the partial retrofit of a 23-year-old building at 70 Gracechurch Street to create 50,000 sqm of office space. The scheme is designed by Kohn Pedersen Fox with engineers Arup and Robert Bird.
In 2021 the City of London Corporation gave permission for plans to demolish the existing building and start again, but the revised plans largely retain it.
New tower structure designs typically need to include a full basement and superstructure, which had been included in the previous proposal. However, advances in industry structural and façade technology have enabled the developer team to submit new proposals that substantially reduce the carbon footprint, through large scale retention and reuse of existing building structure and materials.
The plans will also bring new connectivity across the area that is expected to help catalyse the regeneration of the southern part of Leadenhall Market.
Chairman of the City of London Corporation planning applications sub-committee, Shravan Joshi, said: “Attention is always drawn towards the latest large new office developments in the City, but when it comes to innovative sustainable solutions, the City is leading the way on both policy and delivery to reduce carbon emissions and waste from development. It signals once more to investors, that the Square Mile is open for sustainable business.
“Incorporating retrofitted buildings into new developments is crucial for meeting our net zero goals and by working with the industry to deliver pragmatic policies, we aim to be the most attractive and sustainable global financial centre for generations to come.”
OTTP senior managing director Jenny Hammarlund said: “We are delighted that the City of London has resolved to grant consent for our plans for 70 Gracechurch Street, allowing us to deliver a world-class, sustainable office development.
“This project will enhance the Eastern Cluster and create a vibrant new gateway to Leadenhall Market, enriching the area for businesses and the wider community. We’re looking forward to the next stages of the development process and working with the project team to deliver this industry leading sustainable new building for the Square Mile.”
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