The City of London Corporation has approved a 36-storey commercial development, at 60 Gracechurch Street, claimed to be ‘one of the most sustainable office buildings’.
Major Japanese construction company Obayashi, acquired the site in 2023 and put forward design proposals to minimise carbon emissions, in construction and operation of the building.
The design proposals aim to achieve this by avoiding basement excavation and construction and committing to the building being 100 per cent powered by electricity.
60 Gracechurch Street will sit on the western edge of the City Cluster, providing over 37,000 square metres of 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.
As such prime rents in the area have risen 16 per cent over the past 12 months.
The development will also deliver proposed public benefits including:
- Sheltered public realm at ground floor level including widened pavements improving pedestrian flows around the site,
- Free-to-access ‘Sanctuary’ space at level 35.
- Public roof garden
- Garden and associated internal public space, available for free bookings by schools and community groups
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.
This excludes the Square Mile, where new construction activity edged up by seven 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.”
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