The Planning Applications Sub-Committee of the City of London Corporation in the UK has given its unanimous approval for plans to build a new sustainable office building at the intersection of Gracechurch and Fenchurch Street.

The 33-storey tower, located at 70 Gracechurch Street, will offer more than 50,000m² of office space within London.

The new tower's design incorporates substantial retrofitting within a new build, a departure from traditional structures that included full basements and superstructures approved in a 2021 proposal for the redevelopment of the existing building, which was constructed in the 1990s.

This new approach was made possible due to technological advances, allowing the development team to propose a project that significantly reduces the carbon footprint by retaining and reusing existing building materials.

The office building is targeting a Building Research Establishment Environmental Assessment Methodology (BREEAM) Outstanding rating.

The development is expected to bring new footfall and connectivity to the area, particularly to the southern part of Leadenhall Market.

A new public route from Fenchurch Street to Ship Tavern Passage and onwards to Leadenhall Market will be created as part of the project, and will serve as a catalyst for the regeneration of the area, backed by three new cultural spaces.

The joint venture team comprising investor Ontario Teachers’ Pension Plan and UK developer Stanhope aims to complete the redevelopment by mid-2032.

City of London Corporation Planning Applications Sub-Committee chair Shravan Joshi said: “Attention is always drawn towards the latest large new office developments in the city, but when it comes to innovative sustainable solutions, the city is leading the way on both policy and delivery to reduce carbon emissions and waste from development. It signals once more to investors, that the Square Mile [London] is open for sustainable business.”

“Incorporating retrofitted buildings into new developments is crucial for meeting our net-zero goals and by working with the industry to deliver pragmatic policies, we aim to be the most attractive and sustainable global financial centre for generations to come.” 

Earlier this month, the subcommittee approved Brookfield Properties' plan to redevelop 99 Bishopsgate in the city with a 54-storey tower.