London endorses blueprint for shared tallest structure in Western Europe's realm.
The 309.6-meter (1,015.75-foot) high structure, identical to London's Shard, received approval following adjustments to a previous plan aimed at addressing post-pandemic office requirements, according to the City of London's local administration on Friday.
Known as 1 Undershaft, the building initially obtained approval with a slightly reduced height in 2016 but failed to break ground.
Investor Aroland has been pursuing the construction of this proposed building for years, which involves demolishing an existing smaller tower and has attracted controversy from heritage preservation groups.
Historic England voiced its concerns in February during consultations with the city planners, stating that the alterations neither reduced the impact nor improved the public area surrounding the structure, ultimately expressing concerns that it would significantly deteriorate the area.
If constructed, the tower will offer approximately 154,156 square meters (approximately 1.66 million square feet) of office space, educational facilities for children on floors 72 and 73, and a publicly accessible garden.
London's office sector has experienced setbacks due to escalating borrowing costs and increased work-from-home trends following the pandemic, though premium locations continue to draw interest.
Few significant London office properties have been sold this year, with Nuveen and Brookfield attempting to peddle their London office towers, thereby testing investor enthusiasm.
New office space availability in London has slowed since the pandemic, yet construction in the City has recently reversed the trend, with new projects initiating a 7% increase between April and September 2021 compared to other central London markets according to Deloitte surveys.
Critics contend that London's skyline has been marred by the emergence of generic glass-and-metal towers that overshadow iconic landmarks, notably in the City of London home to St. Paul's Cathedral.
Chairman of the City of London Corporation's Planning and Transportation Committee, Shravan Joshi, commented that "the approval of another essential office development in the City of London signifies the global investors' trust in the London real estate market and the UK economy as a whole."
The Shard, currently the tallest skyscraper in Western Europe, was completed in 2012.
The proposed architecture of 1 Undershaft aligns with the contemporary style seen in structures like London's Shard. Despite concerns from heritage preservation groups, the new building's design aims to incorporate educational facilities and a public garden, promoting a more integrated urban style.
