The City of London has deferred its decision on 1 Undershaft, the proposed tallest building in the Square Mile, following objections from Lloyd’s of London's chair.

Originally slated for approval by City officials, the 73-storey skyscraper faced scrutiny from the planning committee regarding its impact on St Helen’s Square at its base.

Shravan Joshi, planning chair at the City of London Corporation, emphasized the delay was intended to allow further negotiations with the developer on the fate of the public square. He clarified that the postponement does not signal opposition to development but rather a need for more deliberation.

The unexpected setback came after Bruce Carnegie-Brown, chair of Lloyd’s, raised concerns that the project would diminish an essential gathering space in the City. The corporation, which had been expected to greenlight the project nearly a decade after its initial proposal, noted the building's significance as potentially one of Europe’s tallest structures, comparable in height to the Shard.

Located amidst iconic buildings like the Cheesegrater and the Gherkin, 1 Undershaft is intended to reshape London’s skyline and enhance the City’s appeal with expanded public spaces and sustainability features. The current design modifications, proposed by architect Eric Parry, include terraces, a garden at the 11th floor, and a public viewing gallery at the top.

In response to Tuesday’s decision, a spokesperson for the project expressed commitment to addressing concerns about public space in collaboration with the City of London Corporation and neighboring stakeholders. However, opposition from Lloyd’s and others in the insurance sector underscores ongoing challenges facing the development.

Historic England and other local entities have also raised objections, citing concerns over architectural heritage and public amenity loss. Discussions are ongoing to resolve these issues before a final decision is reached. Photo by Tristan Surtel, Wikimedia commons.