City of London Corporation approves Square Mile’s tallest tower

The City of London Corporation’s Planning Applications-Sub Committee has today approved proposals for what will become the City’s tallest tower.

Planned to be built between the ‘Gherkin’ and the Leadenhall building, the 74-storey (309.6m high) office tower known as 1 Undershaft will be a key addition to the Square Mile’s future skyline and the tallest lynchpin to the City Cluster , as the City Corporation progresses towards its target of delivering a minimum of 1.2 million square metres of new office space, by 2040.

Proposals for the site revise the previously consented scheme to better respond to post-pandemic office needs, as well as the changing context and aspirations set out in the City Corporation’s ‘City Plan 2040’ to redefine the area as a welcoming, seven day and evening destination, for all communities.

In addition to the 154,156 sqm of much needed Grade A office space provided, the proposals will feature a 1,000 sqm free to visit elevated public space and children’s education space at levels 72 and 73, operated in partnership with the London Museum and open 7 days a week and into the evenings. The move is in line with the City Corporation’s Destination City agenda to boost footfall and economic growth across the Square Mile, with the educational space to create a compelling and inclusive cultural and public offer in the heart of the cluster.

The City’s established public roof gardens, terraces and viewing galleries are significantly contributing to increasing footfall, with the Sky Garden, 120 Fenchurch’s roof garden, ‘The Lookout’ at 8 Bishopsgate and ‘Horizon 22’ at 22 Bishopsgate having collectively greeted more than 13 million people, since they opened.

1 Undershaft will also feature a unique 2,500 sqm publicly accessible podium garden 42 metres above street level with a striking structural glass floor, complete with food, drink, and retail amenities, as well as cultural attractions, across levels 10 to 12. The garden will provide outstanding new views of surrounding historic assets, including the Lloyds building, offering a unique destination within the Square Mile. Furthermore, the ground level public realm in the local area will be transformed, from St Mary Axe to parts of Leadenhall Street, into an accessible step free area, with new greening, seating and wayfinding, to make the area more pleasant to be in and travel through as well as a large digital screen to be used for events and screenings.

The City Corporation’s decision to approve the proposals comes as the latest Deloitte Crane survey revealed that new construction project starts fell across London, except for in the Square Mile, where new construction activity edged up by 7 per cent, as the City remains a favoured location to invest and develop. According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.5 per cent in the City of London, causing prime rents in the area to rise 16 per cent over the past 12 months.

Chairman of the City of London Corporation’s Planning and Transportation Committee, Shravan Joshi, said:

“1 Undershaft is a truly remarkable building that will not only help to deliver on the demands for economic growth, through the high-quality office space it offers, but also contribute to the City’s growing cultural offer and tourist appeal.

“As another, much needed office development gets approved in the City of London, it speaks to the confidence that global investors have in the London real estate market and the UK economy more widely.

“I’m particularly pleased that we will be able to work with the London Museum to open the uppermost floors of 1 Undershaft to schoolchildren and local communities, a classroom in the sky, developing another inclusive, unique visitor destination that makes the Square Mile the best place to live, work, play and invest.”