The City of London has given the green light to a new development that is set to become the Square Mile's third-tallest building. Investment firm Schroders and developer Stanhope are

teaming up for the project, which will feature 63-storey and 22-storey mixed-use buildings.

The taller of the two structures will stand at an impressive 284 meters in height, making it the second-highest building in the City of London, trailing only behind the yet-to-be-constructed 1 Undershaft scheme (305 meters) and the Multiplex-built 22 Bishopsgate (295 meters).

Part of the development's allure will be a viewing gallery and rooftop garden accessible to the public, offering breathtaking views of the city. The ground level will also feature new public spaces, making room for events, pop-up businesses, and art installations.

The planning subcommittee granted approval to the project on Friday, praising it as a "distinct, sustainable, and elegant architectural addition" to the City Cluster skyline. The development is projected to provide much-needed office space, accounting for approximately 14% of future office demand in the Square Mile until 2036.

However, Historic England, the body overseeing the country's historic environment, raised concerns that the new tower would obstruct views of St. Paul's Cathedral from Waterloo Bridge. The Greater London Authority also highlighted transportation issues and recommended further consultation with Transport for London.

The existing building on the site is scheduled for demolition in 2024, with construction slated for completion in 2029. Details on the contractors have yet to be disclosed.

Shravan Joshi, Chairman of the City of London Corporation planning and transport committee, lauded the project, setting "a high bar" for other developers. The inclusion of a public viewing gallery aligns with the City's goal to transform into a "seven-day-a-week visitor destination."

While the project has received approval from the City of London, it may still undergo further examination if the Mayor of London calls for it to be reviewed. Photo by Philippe Salgarolo, Wikimedia commons.