Singapore developer Perennial Group and development manager Stanhope's plans to build the City of London's tallest tower have been recommended for approval ahead of a City Corporation Planning Committee meeting on 2 July.
Stanhope was picked in 2022 to oversee revisions to the redevelopment of 1 Undershaft, the site of the St Helen’s building, also known as the Aviva Tower, in the centre of the financial district.
CoStar News revealed last year that consultation had begun on plans for a 74-storey tower that would soar above the tallest building in the City, 22 Bishopsgate, and be the same height as London's tallest building, The Shard, which is on the other side of the river.
City planners are recommending the proposals as they comply with its Development Plan when considered as a whole and as other material considerations also weigh in favour of the scheme.
Objections and comments have been received from statutory consultees including Historic England, the Greater London Authority, the 20th Century Society, the London Borough of Tower Hamlets and third parties, relating to the design of the development, its impact on designated heritage assets and the impact on the environment and amenity of the immediate surrounding area and buildings.
Officers are nevertheless backing the plans, saying they consider the site to be "clearly appropriate for a tall building and it is a strategic delivery site supporting the consolidation of the City Cluster".
In November 2016, the City of London Corporation granted consent for the existing building to be replaced with a 73-storey commercial development, comprising 1.4 million square feet of predominantly office space.
The revised plans are for the demolition of the existing buildings but retention and partial expansion of the existing basement, then the construction of a ground floor plus 73 storeys for office use, retail and food and beverage. It also proposes public amenity, publicly accessible education space and a viewing gallery at levels 72 and 73. There will be a public cycle hub, plus a podium garden at level 11, public realm improvement works and basement cycle parking.
The revised proposals change the consented scheme by adding new flexible workspaces and expanded civic and business functions while delivering a more sustainable building with more urban greening. It retains its aspiration to be the tallest in the City and keeps the upper floors for educational and public access through a collaboration with the Museum of London.
At 309.6 metres above sea level, 1 Undershaft would match the height of London's tallest building The Shard, which is located south of the River Thames in London Bridge, and is just higher than the City of London's tallest tower 22 Bishopsgate. Stanhope with Schroders last year gained consent for a slightly smaller tower nearby at 55 Bishopsgate, which would be 285 metres above sea level.
The present vacant 28-storey building occupies one of the few remaining sites deemed acceptable for new tall buildings in the City and forms part of the planned opening-up of the area between Tower 42, Bishopsgate, Old Broad Street and Wormwood Street as part of the City of London’s Renewal Opportunity Area.
The development consortium, on its website launching the consultation on the revised plans, said while the existing permission could have been progressed, desire for "more wellbeing-led office space" on the back of the pandemic, "and the City of London Corporation’s new ‘Destination City’ initiative", had led it to reconsider the approach.
The 1.66 million square feet of offices will have "generous floor to ceiling heights, high levels of natural light and high levels of fresh air intake to provide a healthier working environment, not possible to achieve within the existing building".
Three main office tower sections would be placed above an elevated public podium garden at level 10, increasing daylight.
The building will now be all-electric, reducing carbon emissions and improving the energy efficiency. It proposes an additional 40,000 square feet of public space compared with the consented scheme.
Developers are showing no signs of slowing down on bringing forward prime offices in central London. Earlier this week AXA IM Alts, the global alternative investments group behind 22 Bishopsgate, said it has appointed Multiplex to begin construction at its 650,000-square-foot Fifty Fenchurch Street workplace development in the City.
However, they are increasingly turning to refurbishments in the face of economic uncertainty, with new construction starts falling, according to Deloitte's latest London Office Crane survey on the six months from October 2023 to March 2024.
The survey recorded 4.2 million square feet breaking ground across 42 schemes, an 18% decrease when compared with the previous survey, which had reported the highest volume of new starts on record. Despite this dip, the volume of new starts is well above the 10-year average of 3.3 million square feet.
Stanhope is leading 1 Undershaft development, with Eric Parry Architects designing the project. DP9 is planning consultant. Newmark is development consultant and leasing adviser.
Insurer Aviva has moved out of the 1960s building on the site.