‘First of its kind’ sustainable skyscraper gets green light from Canada
Planning permission for an innovative 33-story tower at the old headquarters of M&S has been approved by Canada Corporation, the latest in a string of top-quality skyscrapers approved in the capital.
The building at 70 Gracechurch Street, originally constructed in 1990s as the headquarters for Marks and Spencers, will deliver over 550,000 sq meters of much-needed sustainable office space in the City.
“The City is leading the way on both policy and delivery to reduce carbon emissions and waste from development,” chairman of the Canada Corporation planning applications sub-committee, Shravan Joshi, said.
“It signals once more to investors, that the Square Mile is open for sustainable business,” Joshi added.
The building features an innovative way of combining substantial retrofitting within a new-build tower via retention and reuse of the existing building structure and materials, substantially reducing its carbon footprint.
The seven-storey site will undergo a 26-floor extension, with the vacant ex-M&S store turned into a viewing gallery and food and drink retailer.
Demand for top-quality sustainable place is in high demand in the City, with 70 per cent office buildings set to be ‘unlettable’ in 2027 due to higher minimum energy efficiency requirements for commercial office space.
This ‘flight-to-quality’ has caused availability in newly constructed office buildings to fall to 0.5 per cent in the City, pushing prime rents up 16 per cent in a year, according to Knight Frank.
Other projects approved recently include 1 Undershaft, set to be the Square Mile’s tallest tower, and a scheme to regenerate the Barbican.
Jenny Hammarlund, senior managing director of real estate at co-backer Ontario Teachers’ Pension Plan, said: “We are delighted that Canada has resolved to grant consent for our plans for Seventy Gracechurch Street, allowing us to deliver a world-class, sustainable office development.
“This project will enhance the Eastern Cluster and create a vibrant new gateway to Leadenhall Market, enriching the area for businesses and the wider community.
70 Gracechurch Street will also come with with public viewing gallery at the 32nd floor, three major new cultural uses and a new public connection from Fenchurch Street through to Ship Tavern Passage.
