(Bloomberg) -- The City of London Corporation has approved a plan to build the ancient financial district’s new tallest skyscraper.
The Corporation’s planning committee voted in favor of the 74-story tower at One Undershaft, according to a statement on Friday. The planned tower between the Gherkin and Cheesegrater skyscrapers would rise to 309.6 meters (1,016 feet), edging above the current peak of the City’s cluster of skyscrapers at 22 Bishopsgate.
Demand for the greenest, best connected and most lavishly equipped offices has remained robust even as developers have put the brakes on new construction thanks to soaring costs, higher rates and an uncertain outlook for the wider office market. That’s creating the potential for a supply squeeze at the top end, prompting some developers to push ahead with high end projects.
“One 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,” chairman of the planning and transport committee Shravan Joshi said.
The project is owned by Aroland Holdings Ltd., a British Virgin Islands registered company whose beneficial owner is listed as Kuok Khoon Hong, the co-founder of Singapore’s Wilmar International, company filings show. Architect Eric Parry has designed the tower, which will be developed by Stanhope Plc.
The site, currently occupied by Aviva Plc’s former headquarters, will provide about 154,000 square meters (1.7 million square feet) of office space, public gardens, cultural spaces and restaurants. The City previously approved a tower there in 2019 but the owners rejigged the design to respond to companies’ post-pandemic needs. A planning ruling on the new iteration was delayed this summer after a series of objections.
The latest design is roughly the same height as London’s tallest tower, the Shard, which sits south of the River Thames next to London Bridge station.
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