The City of London Corporation's Planning Applications-Sub Committee has approved the plans for what will become the City’s tallest tower, 1 Undershaft.

Standing at 309.6 metres (74 storeys), the office tower is set to become a prominent feature in the Square Mile's skyline, nestled between the iconic 'Gherkin' and Leadenhall buildings.

Designed to be a key component of the City Cluster, the 1 Undershaft tower will play a central role in the City Corporation’s broader goal of delivering 1.2 million square metres of new office space by 2040. The revised design aims to meet the evolving needs of the post-pandemic office environment, while also aligning with the City Corporation's 'City Plan 2040,' which aims to transform the area into a vibrant, seven-day-a-week destination for all communities.

The new 1 Undershaft tower will provide 154,156 square meters of high-quality Grade A office space, as well as several public amenities. It will feature a 1,000 square metre free-to-visit elevated public space on levels 72 and 73, including a children's education area operated in partnership with the London Museum. This space will be open seven days a week, extending into the evening, and is part of the City Corporation's 'Destination City' initiative, which aims to increase foot traffic and stimulate economic growth across the area.

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In addition, 1 Undershaft will boast a 2,500 square metre publicly accessible podium garden, located 42 meters above street level. The garden will include food, drink, and retail amenities, along with cultural attractions. A striking structural glass floor will offer stunning views of the surrounding historic landmarks, including the Lloyds building. The project will also revamp the surrounding public realm, transforming St Mary Axe and parts of Leadenhall Street into a step-free, pedestrian-friendly area, complete with new greenery, seating, wayfinding, and a large digital screen for public events and screenings.

This approval comes amidst a positive outlook for construction activity in the Square Mile, as highlighted in the latest Deloitte Crane survey, which showed an uptick in new construction projects in the City, despite a decline across other areas of London. With demand for office space in the City of London remaining high, global property consultancy Knight Frank reports that availability in newly built office buildings has fallen to just 0.5%, leading to a 16% rise in prime rents over the past year.

1 Undershaft is set to become a flagship project, driving both economic growth and community engagement, and cementing the City’s status as a leading global business hub.

Image: DBOX