The City of London Corporation has granted approval for a 36-storey commercial development at 60 Gracechurch Street.

This development, led by Obayashi, is claimed to become one of the most sustainable office buildings in London, England, UK.

The design minimises carbon emissions by avoiding basement excavation and utilising a 100% electricity-powered energy strategy.

The building will provide more than 37,000m² of Grade A office space.

Property consultancy Knight Frank reported that availability in newly constructed office buildings in London has dropped to 0.5%, leading to a 16% rise in prime rents over the past year.

The 60 Gracechurch Street site will address this demand while offering public benefits, including widened pavements and a public roof garden with views over the city.

The development includes a free-to-access space, the 'Sanctuary', at level 35.

The garden, meanwhile, is designed as an educational tool. This space will be available for schools and community groups, showcasing a changing ecosystem in response to climate change.

City of London Corporation Planning and Transportation Committee chair Shravan Joshi said: “The 60 Gracechurch Street proposals align perfectly with our City Plan, Climate Action Strategy and Destination City programme, delivering much-needed A-grade office space, whilst simultaneously providing a new visitor and educational attraction, as well as contributing to our net-zero goals.”

“It is no coincidence that the city is bucking the global trend of rising office vacancy and stalling construction activity. With a dedicated, solution-focused planning department, combined with clear policy and strategy, we are creating an environment in which developers and investors can help us create a vibrant, thriving Square Mile, for all to enjoy.”