The construction of a new skyscraper in London will begin next year after planning permission was granted by the City of London Corporation (CLC).

The 64-storey Brookfield Multiplex project is to be built at 22 Bishopgate and is being developed by Lipton Rogers for AXA Investment Managers – Real Assets.

The project will be created on the foundations of the stalled Pinnacle Tower, which began development in 2008 but stopped in 2012 due to lack of funds with only seven storeys built.

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The CLC's planning and transportation committee has now granted planning for a new tower.

With planning permission for the 'Pinnacle' still in place, planning for the new tower does not invalidate previous proposals, meaning that in theory either design could be built.

Chief Planning Officers, Annie Hampson, said: "This is a substantial high quality tower. 22 Bishopsgate exemplifies many of the qualities we are looking for in our landmark buildings – it is elegant, calm, and open to the public.

"A viewing gallery at the top will provide for workers, visitors, residents with the opportunity to look out over the City free of charge.

"Tall buildings in the City's Eastern Cluster near transport hubs are an effective way of creating the increase in office space and employment needed for a growing London."

(LM/MH)