THE CITY of London has approved plans for a 73-floor skyscraper that will stand at 309.6 metres, matching the height of The Shard, currently Western Europe's tallest building.
The tower, located in the financial district, reflects confidence in the office market despite challenges posed by a post-pandemic downturn.
The proposed building, officially named 1 Undershaft, was originally approved in 2016 at a slightly smaller height but never commenced. City planners said the revised proposal was designed to address post-pandemic office needs. The approval comes at a time when London's office market is experiencing slower activity due to higher borrowing costs and the shift towards remote work.
Investor Aroland, which has been working to bring the project to life for years, will need to demolish an existing smaller building to make way for the skyscraper. The building will include 154,156 square metres of office space, educational facilities on the 72nd and 73rd floors, and a public garden.
The development has faced criticism from conservation groups, including Historic England, which said in February that the alterations had not reduced the project’s impact. The group argued that the new tower would "seriously degrade" the public realm in the area.
London’s skyline has attracted scrutiny from critics who claim it is increasingly crowded with glass-and-metal towers that overshadow historic landmarks like St Paul's Cathedral. Despite these concerns, City officials see the approval as a vote of confidence in London's real estate market.
“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,” said Shravan Joshi, chairman of the City of London Corporation's Planning and Transportation Committee.
The Shard, located south of the River Thames, has held the title of Western Europe’s tallest building since its completion in 2012.
(With inputs from Reuters)
