City banks on new towers to lure bankers back to the office

There is planning permission in place for the construction of six skyscrapers over 150-metre height in the Square Mile, as well as three under construction.

The new images include 50 Fenchurch Street, 55 Gracechurch Street, 60 Aldgate High Street, 70 Gracechurch Street and 2-3 Finsbury Avenue, all of which have been given consent over the past 12 months.

The majority of these tall buildings fall within the ‘City Cluster’ area, located in the eastern corner of the Square Mile, which is already home to some of the capital’s most identifiable skyscrapers.

As a ‘key area of change’ identified in the City Plan 2036, the City Cluster is set to grow to close the gap between the ‘Walkie-Talkie’ and the group of towers.

While many City firms have started to encourage staff back to the office after the end of the 2021 national lockdown, others are adopting a hybrid model and allowing – or even encouraging – back-office staff to continue working from home, at least some of the time. There has been much discussion about how future working patterns might impact on the character of city centres. But City planners seem optimistic that life will return to the old normal.

Alastair Moss, chair of the planning and transportation committee at the City of London Corporation, said: “These new CGI images clearly illustrate that the City office is here to stay, and the future of the Square Mile remains bright.

“The support shown from developers and investors who remain committed to providing world-leading office space in the City of London has been phenomenal. These developers have embraced trends – such as flexible workspace, world-class additions to the public realm and including an array of wellness practices such as greening – to ensure office buildings in the City remain fit for the future.

“As we look towards the recovery from the pandemic, our planning pipeline is extremely busy with the anticipation of a swift return to the City as the leading place for business in a world-class environment. We have every confidence in a thriving and sustainable Square Mile, and these new images give a glimpse into the next chapter of the City of London.”

The City of London Corporation’s planning team continues to work with developers who are refining schemes that are currently at a pre-application stage. There are currently approximately six further tall building (over 75 metres) applications being discussed.

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