The City Corporation’s Planning Applications Sub-Committee has today (Tuesday 11 February) unanimously approved proposals for a new landmark sustainable office building, located at the corner of Gracechurch and Fenchurch Street.
At 33 storeys and delivering over 50,000 square metres (sqm) of the highest quality and most in-demand office space, 70 Gracechurch Street offers a unique design not seen before within the Square Mile, featuring an innovative way of combining substantial retrofitting within a new build tower.
New tower structure designs typically need to include a full basement and superstructure which had been included in a previous proposal, consented in 2021, for the redevelopment of the existing building. 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 footfall and connectivity across the area, acting as a catalyst to the regeneration of the southern part of Leadenhall Market. A new public connection from Fenchurch Street through to Ship Tavern Passage, and North to Leadenhall Market will act as a catalyst for regeneration of the area, supported by three new cultural spaces, including a roof-level viewing experience at level 32.
According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.5 per cent in the , causing prime rents in the area to rise 16 per cent over the past 12 months. It was also reported that the City’s tallest office building at 22 Bishopsgate, had recently become 100% let.
The applicant JV team of Ontario Teachers’ Pension Plan and Stanhope Plc aim to complete the redevelopment by Summer 2032.
Chairman of the 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.”
';
