Planning permission has been granted for a 15-storey tower which will include 170,000 square feet of office space and 7,000 sq ft of ground floor retail space, together with the pedestrianisation of New London Street as part of the scheme’s public realm improvements.
The plans include a 15-storey rise on the northern side, whilst the southern side will be 'stepped' to reduce height on that side due to planning restrictions. The site is within the St Olave's conservation area, which means that there have been a number of planning restrictions imposed on the plans, according to the developers.
"The planning restrictions have influenced the design of this commercial scheme," the developer said.
The scheme will encompass weather-protected roof terraces with water reclamation systems to meet environmental standards, chillers and a new air conditioning system with heat reclamation, to provide solar hot water.
Mitsui has teamed up with UK developer Stanhope to purchase the site from Schroder Property Investment Management. Foreign ownership of City buildings now tops 50%, according to a recent report.
“We are delighted to secure this prime development scheme in the heart of the City district, and believe this investment underlines our long-term confidence in the London office market,” said Hideto Yamada, managing director of Mitsui in the UK, according to a Financial Times report.
