The City of London Corporation's Planning Applications Sub-Committee has unanimously approved plans for a 31-storey office tower at 130 Fenchurch Street.

Formerly known as Fountain House, the development will feature a staggered, jewel-like design that integrates with the Square Mile's cluster of skyscrapers while preserving important views of heritage landmarks such as St Paul's Cathedral and the Tower of London.

The scheme will deliver 57,491 sqm of Grade-A office space, supporting the City Corporation’s target of providing at least 1.2 million sqm of new floorspace by 2040. Once complete, it is expected to accommodate around 3,610 jobs. Demand for sustainable, high-quality office space in the City remains strong, with vacancy rates in newly built developments recently falling to 0.5 per cent, according to Knight Frank.

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The project represents the seventh major office building of more than 50,000 sqm approved in 2025, bringing the total new space given the green light this year to over 300,000 sqm.

The Corporation will highlight the scheme next week at Expo Real in Munich, one of Europe's largest real estate conferences, as it seeks partnerships with organisations investing in sustainable office development.

Plans also include 300 sqm of public space at ground level, with food, drink, and retail outlets, alongside a new garden terrace on the 20th floor. In line with City policy, the terrace will be free to access seven days a week, offering panoramic views for workers, residents, and visitors. Existing City roof gardens and terraces already attract more than 40 million visitors annually.

To improve connectivity in the area, developers will deliver the first phase of a new pedestrian north-south route linking Fenchurch Street with Leadenhall Market, Cullum Street, and the Lime Street Estate.

Demolition of the existing building is scheduled for 2026, with completion of the new tower anticipated in 2030.