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Wed February 24 2021

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30-storey tower approved at 55 Gracechurch Street

27 Jan The City of London Corporation has given planning permission for the construction of a 30-storey office development in the Square Mile.

The approved 55 Gracechurch Street building appears front and centre
The approved 55 Gracechurch Street building appears front and centre

Hong Kong developer Tenacity plans to build the tower at 55 Gracechurch Street, between Monument station and Leadenhall Market.

It intends that it will be the  first tall building in the City Cluster to achieve a BREEAM ‘Outstanding’ rating. Sustainability measures include re-using and recycling building materials, being energy efficient and systems that allow for free cooling for most of the year.

Green walls, green roofs and tree planting will be used to reduce noise and air pollution.

The building has been designed by Fletcher Priest Architects.

The 55 Gracechurch Street scheme offers more than 34,000 sqm of office, almost 2,500 sqm of retail and more than 1,600 sqm of publicly accessible garden terrace and open space.

While new City buildings tend to boast large floor plates to attract banks and trading houses, the smaller floorplates are designed to cater for business outside of insurance and investment banking.

Alastair Moss, chair of the planning & transportation committee at the City of London Corporation, said: “We remain positive about the long-term future of the City office despite the current lockdown. It is fantastic, therefore, to see this significant vote of confidence from the developers of 55 Gracechurch Street.

“The building design embraces emerging development trends, such as flexible workspace, greening and access to fresh air – all of which were rising trends that have now been embedded into building design as a result of the pandemic.

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“Of particular merit to this development is an innovative ventilation strategy which uses fresh air, filtered from outside, to cool the office floors.

“The development will even reuse stonework from the existing building and include recycled steel with a commitment of an impressive 98% diversion of construction waste to landfill.”

Tenacity Group founder and cheif executive Patrick Wong said: “Today marks a significant milestone for us and underlines our commitment to the City of London and the future of truly sustainable office buildings in the City.

“Despite the events of the last twelve months and the changes and challenges that we have all witnessed, Tenacity is quite clear that the era of the office is not over. Far from it. We believe the future is bright for the right kind of space – space that 55 Gracechurch Street will provide – that embraces sustainability and provides flexibility, puts the needs of the workforce at its core but also engages with the wider community around it.

“Today’s decision reinforces that view, and we look forward to working with the City to bring our vision for 55 Gracechurch Street to fruition.”

Tenacity also has plans for a 33-storey tower at 70 Gracechurch Street in the City, called The Forum, to provide around 600,000 sq ft of office and retail space.

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