Obayashi Corporation and Sellar have got the go ahead for a new 36-storey office tower at 60 Gracechurch Street, EC3.
The nod by the City of London Corporation comes despite objections from Historic England, Historic Royal Palaces and the London Borough of Tower Hamlets relating to the potential impact on local heritage.
Sellar and Japanese investor Obayashi’s proposals will see the existing nine-storey building replaced with a new tower, creating 561,112 sq ft of office space. It will also provide 2,013 sq ft of shops, 6,588 of public realm and 893 sq ft of publicly accessible learning space.
Shravan Joshi, chairman of the City of London planning and transportation committee, said: “The 60 Gracechurch Street proposals align perfectly with our City Plan, climate action strategy and destination City programme, delivering much-needed A-grade office space, while simultaneously providing a new visitor and educational attraction, as well as contributing to our net zero goals.”
He added: “It is no coincidence that the City is bucking the global trend of rising office vacancy and stalling construction activity. With a dedicated, solution-focused planning department, combined with clear policy and strategy, we are creating an environment in which developers and investors can help us create a vibrant, thriving Square Mile, for all to enjoy.”
Sellar chief executive James Sellar said: “There is an acute shortage of office space across London that is able to meet the exacting requirements of the modern occupier and we firmly believe that being able to satisfy that demand is an important component in London’s ability to attract leading businesses and ensure it maintains its status as a world-class city.”
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%.
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