City of London Approves Plans for New Tallest Skyscraper -

The City of London Corporation has approved the construction of the upcoming tallest skyscraper in the financial district.

In a statement released on Friday, the Corporation’s planning committee granted approval for the 74-story tower at One Undershaft. This building, to be located between the Gherkin and the Cheesegrater, is expected to reach a height of 309.6 meters (1,016 feet), surpassing the current tallest structure in the City, 22 Bishopsgate.

Even with a slowdown in new construction due to increased costs, rising interest rates, and an unpredictable office market, the demand for sustainable, well-connected, and luxurious office environments remains robust. This situation may lead to a potential supply deficit at the premium tier, which is encouraging some developers to proceed with high-end projects.

“One Undershaft is an outstanding building that will not only meet the needs for economic development with its quality office spaces but will also enrich the City’s cultural offerings and tourist attractions,” commented Shravan Joshi, chairman of the planning and transport committee.

The project belongs to Aroland Holdings, a company incorporated in the British Virgin Islands, with Kuok Khoon Hong, co-founder of Singapore’s Wilmar International, identified as the beneficial owner. The tower has been designed by architect Eric Parry and will be constructed by Stanhope Plc.

Situated on the site of the former headquarters of Aviva Plc, the development will include around 154,000 square meters (1.7 million square feet) of office space, alongside public gardens, cultural venues, and dining establishments. A previous design for the tower was approved in 2019, but the owners revised it to meet post-pandemic corporate requirements. A decision on the new design was delayed this summer due to several objections.

The latest design is approximately the same height as London’s tallest building, the Shard, which is located across the River Thames near London Bridge station.

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