The building will provide over 37,000m² of Grade A office space. Credit: City of London Corporation.

The City of London Corporation has granted approval for a 36-storey commercial development at 60 Gracechurch Street.

This development, led by Obayashi, is claimed to become one of the most sustainable office buildings in London, England, UK.

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The design minimises carbon emissions by avoiding basement excavation and utilising a 100% electricity-powered energy strategy.

The building will provide more than 37,000m² of Grade A office space.

Property consultancy Knight Frank reported that availability in newly constructed office buildings in London has dropped to 0.5%, leading to a 16% rise in prime rents over the past year.

The 60 Gracechurch Street site will address this demand while offering public benefits, including widened pavements and a public roof garden with views over the city.

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The development includes a free-to-access space, the ‘Sanctuary’, at level 35.

The garden, meanwhile, is designed as an educational tool. This space will be available for schools and community groups, showcasing a changing ecosystem in response to climate change.

City of London Corporation Planning and Transportation Committee chair Shravan Joshi 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, whilst simultaneously providing a new visitor and educational attraction, as well as contributing to our net-zero goals.”

“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.”