City of London Corporation approves 36-storey tower on Gracechurch Street

The City of London Corporation has approved a 36-storey commercial development, at the site at 60 Gracechurch Street, touted as one of the most sustainable and first of a new generation of office buildings.

Applicants Obayashi, who acquired 60 Gracechurch Street in 2023, have put forward design proposals that minimise carbon emissions, both in construction and operation of the building, by avoiding basement excavation and construction and committing to an ambitious energy strategy, with the building to be 100% powered by electricity.

With its striking design, 60 Gracechurch Street will sit on the western edge of the City Cluster, providing over 37,000 square metres of in demand, Grade A office space. According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.5 per cent in the City of London, causing prime rents in the area to rise 16 per cent over the past 12 months.

60 Gracechurch Street will also deliver a range of public benefits that the Square Mile’s residents, workers and visitors can enjoy. In addition to new, sheltered public realm at ground floor level including widened pavements improving pedestrian flows around the site, the building will provide a free-to-access, 7 day and evening destination, known as the ‘Sanctuary’ space at level 35. Also featured is a public roof garden that offers unique, uninterrupted and outstanding views, looking out westwards over London from the very edge of the City Cluster, an inclusive place for all communities.

The garden and associated internal public space has been designed as an education tool and learning space, showcasing a changing ecosystem, as the City responds and reacts to climate change. The space will be available for free bookings by schools and community groups as one of London’s most exciting, publicly accessible classrooms.

The City Corporation’s decision to approve the proposals comes as the latest Deloitte Crane survey revealed that new construction project starts fell across London, except for in the Square Mile, where new construction activity edged up by 7 per cent as the City remains a favoured location to invest and develop

Chairman of the City of London Planning and Transportation Committee, Shravan Joshi, said:

“The 60 Gracechurch Street proposals align perfectly with our City Plan, Climate Action Strategy and Destination City programme, delivering much needed A-Grade Office space, whilst simultaneously providing a new visitor and educational attraction, as well as contributing to our net zero goals.

“It is no coincidence that the City is bucking the global trend of rising office vacancy and stalling construction activity. With a dedicated, solution focussed planning department, combined with clear policy and strategy, we are creating an environment in which developers and investors can help us create a vibrant, thriving Square Mile, for all to enjoy.”