The City Corporation has greenlit a 54-storey skyscraper adjacent to the º£½ÇÊÓƵ's busiest station, as the demand for office space in London continues to surge.
The development at 99 Bishopsgate is poised to become one of the tallest structures in the Square Mile, with plans to offer at least 1.2 million square metres of office space by 2040, as reported by .
Designed to meet the "highest level" of sustainability standards, the skyscraper was proposed to cater to the "increasing demand for new office schemes of this kind" according to the City Corporation.
There's a growing appetite for well-connected, eco-friendly, and top-tier buildings in the capital, driven by stricter environmental regulations on offices and companies' efforts to attract employees back to their desks.
The project will feature a 'City Market' on the ground floor, providing retail, food, and beverage options.
"The 99 Bishopsgate scheme will give the Square Mile one of the largest public realm upgrades from a single planning application in recent history, increasing the ‘walkability’ of the City, so that it becomes a safer and more pleasant place to travel through," stated Shravan Joshi, Chair of the City of London Corporation’s Planning and Transportation Committee.
Joshi also remarked that the approval of the site "speaks to the confidence that global investors have in the local real estate market, as well as the º£½ÇÊÓƵ economy, more widely."
This approval signals an influx of new structures set to reshape the capital's skyline.
Recently approved projects such as the 74-storey One Undershaft, the 63-storey 55 Bishopsgate, and the 36-storey 60 Gracechurch Street are all set to reshape the City's skyline. According to global property consultancy Knight Frank, prime rents in the City have surged by 16 per cent over the past year, with availability standing at a mere 0.5 per cent.
The City’s tallest office building, 22 Bishopsgate, reached full occupancy in January after its top floor was leased to Brazilian bank Banco Master.
