The City of London Corporation’s Planning Applications Sub-Committee has unanimously approved plans for a new sustainable office building at 70 Gracechurch Street, marking a significant step towards the city’s net-zero goals.
The 33-storey tower, a joint venture between investor Ontario Teachers’ Pension Plan and UK developer Stanhope, is set to provide over 50,000 square metres of office space and is scheduled for completion by mid-2032.
The approved design distinguishes itself through an innovative approach: integrating substantial retrofitting within a new build.
This diverges from the previously approved 2021 proposal for a traditional redevelopment, which included full basements and superstructures.
Advances in technology have enabled the development team to prioritise the retention and reuse of existing building materials, significantly reducing the project’s carbon footprint.
The development is targeting a BREEAM (Building Research Establishment Environmental Assessment Methodology) Outstanding rating, highlighting its commitment to environmental sustainability.
Beyond its environmental benefits, the project aims to revitalise the surrounding area.
A new public route connecting Fenchurch Street to Ship Tavern Passage and Leadenhall Market will be created, encouraging foot traffic and enhancing connectivity.
This initiative is expected to catalyse the regeneration of the area, further supported by the inclusion of three new cultural spaces within the development.
Shravan Joshi, Chair of the City of London Corporation Planning Applications Sub-Committee, emphasised the project’s importance: “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 is open for sustainable business.”
Joshi further added, “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.”
This approval follows the subcommittee’s earlier decision this month to greenlight Brookfield Properties’ plan to redevelop 99 Bishopsgate with a 54-story tower, further demonstrating the City of London’s commitment to sustainable development.
