City of London Approves Plans for New Tallest Skyscraper
The City of London Corporation has given the green light for the construction of the financial district’s upcoming tallest skyscraper.
According to a statement on Friday, the Corporation’s planning committee approved the 74-story tower at One Undershaft. This new tower, which will be situated between the Gherkin and the Cheesegrater, is set to reach 309.6 meters (1,016 feet), surpassing the current tallest building in the City, 22 Bishopsgate.
Despite a slowdown in new construction due to rising costs, higher interest rates, and an uncertain office market outlook, demand for eco-friendly, well-connected, and luxurious office spaces remains strong. This scenario could lead to a potential supply shortfall at the premium level, prompting some developers to forge ahead with upscale projects.
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“One Undershaft is an exceptional building that will not only cater to the demands for economic growth with its high-quality office spaces but will also enhance the City’s cultural offerings and tourist attractions,” stated Shravan Joshi, chairman of the planning and transport committee.
The project is owned by Aroland Holdings, a company registered in the British Virgin Islands, with Kuok Khoon Hong, co-founder of Singapore’s Wilmar International, listed as the beneficial owner. The tower has been designed by architect Eric Parry and will be developed by Stanhope Plc.
Located on the site of Aviva Plc’s former headquarters, the development will feature approximately 154,000 square meters (1.7 million square feet) of office space, along with public gardens, cultural venues, and dining options. A previous tower design was approved in 2019, but the owners adapted it in response to post-pandemic corporate needs. A planning verdict on the new design was postponed this summer following numerous objections.
The latest design is approximately the same height as London’s tallest building, the Shard, which is located across the River Thames near London Bridge station.
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