Work on 36-storey building to begin in 2018

Another imposing tower is to be erected in London’s financial district.

The £400million development, christened 1 Leadenhall, was given the go-ahead by City of London planning chiefs last month.

Canada-based developer Brookfield Property Partners will be overseeing the building, which will stand 36 storeys tall.

The plans approved by councillors will include 540,000 sq ft of office space and 50,000 sq ft of retail space and cafes on the lower floors and is the latest skyscraper approved in the vicinity of the Square Mile.

Chris Picardo, Partner at Carter Lemon Camerons’ commercial property department, said:  “We know the Leadenhall area of London well, having worked for clients on a number of properties in that and neighbouring streets as freeholders or tenant occupiers.  The proposal, following as it does the recent approval of 1 Undershaft, indicates continued appetite for involvement in landmark projects in the City of London despite the referendum result.”

Martin Jepson, who runs Brookfield’s UK office division, dismissed criticism from some conservation groups concerned that the development would be out of keeping with the street scene.

“1 Leadenhall is a carefully considered design that will complement the architecture of the surrounding buildings and embraces the heritage of its unique setting,” he said.

Construction work is expected to start next year, with the building opening to businesses at some point in 2021.

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