A new tower in the City of London to match the height of the Shard (see picture) was given the go-ahead today by the organisation that runs London’s financial district.
Known as 1 Undershaft, the tower will have a height of 306.9 metres (1008ft) and be built opposite the Shard on the City side of the Thames.
Approval comes five years after the first application, with completion expected on the project early in the 2030s.
Some 150,000 sqm of office space will be inside the building along with 1,000 sqm for free-access public space.
Designed by Eric Parry Architects for Singapore’s Aroland, 1 Undershaft will be close to the Gherkin. Stanhope is the developer.
Shravan Joshi, chairman of the City of London Corporation’s planning and transportation committee, said: “1 Undershaft is a truly remarkable building that will not only help to deliver on the demands for economic growth... but also contribute to the City’s growing cultural offer and tourist appeal."
Shravan Joshi, chairman of the City of London Corporation’s planning and transportation committee, said: “1 Undershaft is a truly remarkable building that will not only help to 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."
Pua Seck Guan from Aroland, said: “As a key asset in the City of London and our wider property portfolio, our investment will provide significant economic and public benefits for the City and wider London."
David Camp, Stanhope’s chief executive, added that alone 1 Undershaft would deliver almost 13% of the office space required in the City of London to 2040.