The City of London Corporation has 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 office tower known as 1 Undershaft will be a notable addition to the square mile’s future skyline and an important part of the City’s target to deliver 1.2 million square metres of new office space by 2040.

Communities
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 office space provided, the proposals will feature a free-to-visit elevated public space and children’s education space, operated in partnership with the London Museum.

Inclusive
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 an 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.

Unique
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.

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 in the square mile, where new construction activity edged up by seven per cent, as the City remains a favoured location to invest and develop.

Cultural offer
Chair of the City of London Corporation’s Planning and Transportation Committee, Shravan Joshi, said that not only would the building help 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.”

www.cityoflondon.gov.uk