Schroders Plc has received approval to build a 63-storey skyscraper in the City of London.
(Bloomberg) — Schroders Plc has received approval to build a 63-storey skyscraper in the City of London.
The proposed development at 55 Bishopsgate, which also includes a 22-floor neighboring building, would be the third-tallest tower in the ancient Square Mile district, the City of London Corporation said in a statement on Friday.
The plans include a publicly accessible roof terrace with gardens and an external viewing platform.
“The site is central to the City’s growth modeling and will make a huge contribution to the office space needed to meet projected economic and employment growth demand,” Shravan Joshi, chairman of the Corporation’s planning and transport committee, said in the statement.
The approval for the development comes as companies are downsizing in an era of flexible working, raising demand for buildings with better amenities, top green credentials and flexible usage. The trend is giving developers the confidence to push ahead with new projects, despite rising vacancies and plunging valuations on older properties.
Demolition work at the existing site — sandwiched between the City’s tallest building, 22 Bishopsgate, and Brookfield Asset Management Ltd.’s 100 Bishopsgate tower — is scheduled to start next year.
The building’s construction is expected to be completed in 2029 and will provide more than 1.1 million square feet (102,000 square meters) of office space.
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