'The Tulip' will become the second tallest building in Western Europe after The Shard.
Proposed by J Safra Group and Foster + Partners, the development will feature an education facility, a viewing platform with rotating pods, a restaurant and sky bar, cycle parking and shower facilities, a new pocket park at street level and publicly accessible rooftop terrace.
It will be built on 20 Bury Street, enhancing its neighbouring building, The Gherkin.
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City of London councillors voted 18-7 in favour of the development, which is expected to welcome 1.2 million visitors per annum.
It was approved with a number of planning conditions to limit any potential adverse impact to the community. These include off-peak servicing to limit the number of vehicle deliveries at busy times, ticket sale restrictions during peak hours to avoid pedestrian congestion, accessible facilities for disabled persons, concessions for young children, students and senior citizens, and stringent internal and external security measures.
Planning Committee Chairman, Chris Hayward, said: "After a lengthy and robust debate, the committee agreed to approve this truly unique visitor attraction.
"One of my key objectives as Chairman of the Planning and Transportation Committee has been to enable the continued transformation of the City of London into a place which welcomes members of the public on weekends as during the week. This building has the potential to play an important role in realising our vision of the Square Mile as a vibrant 24/7 city."
(CM/MH)
