Developer Mitsubishi Estate London, construction manager Lendlease and development manager Stanhope have broken ground on the 50-storey tower development at 8 Bishopsgate in the City of London.

Last autumn, the City of London Corporation gave approval to the revised tower plan. Since the revised plans, site clearance work has been underway.

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The site will feature 560,000ft² of prime office space, retail units on the ground floor and a public viewing gallery at its summit.

Construction work on the £300m project is slated to complete in late 2022.

“The ground-breaking underlines our ongoing confidence in the City of London’s position at the forefront of international commerce.”

Mitsubishi Estate London CEO and managing director Yuichiro Shioda said: “This long-term project is a key strategic investment for Mitsubishi Estate London, and the ground-breaking underlines our ongoing confidence in the City of London’s position at the forefront of international commerce.

“The tower will be a landmark scheme for the Square Mile, and we anticipate significant interest from occupiers attracted by the development’s unrivalled location, distinctive design and high-quality space.”

Stanhope chief executive David Camp said: “We are delighted to be continuing our partnership with Mitsubishi Estate on this striking landmark building for London. 8 Bishopsgate will deliver the next generation of office building that will improve occupier experience and attract high-quality occupiers from within and outside of the City of London.”

For the project, Alinea is the cost consultant, Arup is the structural and MEP engineer, WilkinsonEyre is the architect, Gerald Eve is planning adviser.